Defense electronics specialist Mercury Systems (NASDAQ: MRCY) delivered top- and bottom-line beats in its most recent quarter, but in the report it delivered after the close of trading Tuesday, management lowered its full-year projections. Investors responded by sending shares of Mercury down 17% as of about 2:20 p.m. ET Wednesday.

Mercury makes chips and electronics systems used in aerospace and defense applications. The company plays an important role in the defense industry ecosystem, but has to manage a complex supply chain, and its order volumes can vary based on the production plans of its larger customers.

In its fiscal third quarter, which ended March 31, Mercury earned $0.40 per share on revenue of $263.5 million, beating Wall Street's consensus expectations for $0.37 per share in earnings on sales of $254 million. Revenue was up 4% year over year, and both revenue and net income came in above the high end of the company's guidance ranges.

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Source Fool.com