AeroVironment Reports Q3 EPS $0.52 of vs. $0.38

AeroVironment, Inc. (AV) AVAV today reported financial results for its third quarter ended January 29, 2011.

Revenue for the third quarter of fiscal 2011 was $84.4 million, up 39% from third quarter fiscal 2010 revenue of $60.9 million. The increase in revenue resulted from higher sales in our Unmanned Aircraft Systems (UAS) segment of $16.6 million and Efficient Energy Systems (EES) segment of $6.9 million.

Income from operations for the third quarter of fiscal 2011 was $15.7 million, up 85% from third quarter fiscal 2010 income from operations of $8.5 million. The increase in income from operations was primarily due to a higher gross margin of $10.6 million, partially offset by higher selling, general and administrative (SG&A) expense of $0.7 million and higher research and development (R&D) expense of $2.7 million.

Net income for the third quarter of fiscal 2011 was $11.5 million, up 76% from third quarter fiscal 2010 net income of $6.5 million.

Earnings per diluted share for the third quarter of fiscal 2011 was $0.52, up 73% from third quarter fiscal 2010 earnings per diluted share of $0.30.