By Stephen Nakrosis
Shares of Mercury Systems topped a 52-week high in post-market trading after the company said it has initiated a job cutting program that will lead to the elimination of about 145 positions.
The stock was up 16% to $49.01 after bell. The stock, which hit a 52-week high of $44.62 on Nov. 13, is up 39% in the past year.
The cuts will result in expected restructuring charges of approximately $5 million for employee separation costs. Headcount reductions are expected to result in annualized savings of approximately $15 million, the aerospace and defense company said.
Mercury also reported second-quarter revenue of $223.1 million, compared to $197.5 million in the prior year.
Bill Ballhaus, the company's chairman and chief executive officer, said second quarter results were again in line with or ahead of expectations, adding he was optimistic about continuing efforts to improve performance.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 04, 2025 17:26 ET (22:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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