AeroVironment Beats Q4 Expectations

AeroVironment, Inc. AVAV reported better-than-expected earnings for the fiscal fourth quarter on Tuesday. The Monrovia, California-based company reported a quarterly profit of $7.1 million, or $0.31 per share, versus a year-ago profit of $8.1 million, or $0.35 per share. Its revenue climbed 17.6 percent year-over-year to $86.5 million from $73.5 million. However, analysts were projecting a profit of $0.18 per share on revenue of $85.71 million. The company's unmanned aircraft sales rose 31 percent to $78.7 million, while efficient energy systems sales shrank 42 percent to $7.7 million. Income from operations gained to $7.5 million for the fourth quarter, versus $6.9 million in the year-ago quarter. As a percentage of revenue, gross margin widened to 52 percent versus 41 percent. As of April 30, 2015, funded backlog was $64.7 million, versus $65.9 million as of April 30, 2014. Tim Conver, AeroVironment chairman and chief executive officer said, "Throughout fiscal year 2015, our strategic investments helped expand our growth portfolio and position AeroVironment for new market opportunities. In our core business, our team delivered revenue in-line with our expectations and exceeded targeted profitability." For the fiscal 2016 year, AeroVironment projects revenue of $260 million to $280 million, versus analysts' estimates of $277 million. AeroVironment shares surged 3.53 percent to $27.00 in the after-hours trading session.