Mercury Systems reports Q1 adjusted EPS 26c, consensus 9c

Reports Q1 revenue $225.21M, consensus $207.28M. Total bookings for Q1 were $250.2M, yielding a book-to-bill ratio of 1.11 for the quarter. “We delivered Q1 results that were ahead of our expectations, with solid year-over-year growth in backlog, revenue, adjusted EBITDA, and free cash flow. Our ability to accelerate deliveries on a number of our customers’ high-priority programs once again contributed to strong results this quarter,” said Bill Ballhaus, Mercury’s Chairman and CEO. “These results reflect ongoing focus on our four priority focus areas, with highlights that include solid execution across our broad portfolio of production and development programs, a streamlined operating structure enabling increased positive operating leverage and significant margin expansion, and continued progress on free cash flow drivers including reduced net working capital.”