Weak FY24 earnings forecast brings Mercury down

Mercury Systems

16/08/2023 13:43

** Shares of technology company Mercury Systems  MRCY.O 
fall 9.8% to $30.50 premarket
    ** Company on Monday forecast FY24 profit and revenue below
Wall Street estimates 
    ** Forecasts FY24 adj. EPS between $1.14 - $1.48 vs analysts
estimates $1.76 - Refinitiv
    ** Co expects FY24 rev to be in the range of $950 mln -
$1.00 bln compared with analysts' avg. est. of $1.05 bln
    ** MRCY appoints Bill Ballhaus as President and CEO,
effective immediately
    ** Company posts FY23 adj. EPS of $1, missing analysts'
estimates of a $1.48 per share profit 
    ** Post results, JP Morgan cuts PT on MRCY to $35 from $37,
RBC cuts PT to $35 from $40 
    ** 3 of 9 brokerages rate the stock "buy" or higher and all
other brokerages rate the stock "hold"; median PT is $39 -
Refinitiv
    ** As of last close, shares down ~24% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))