AeroVironment Inc. on Wednesday reported a loss in its fiscal first quarter, driven by higher research and development costs and some delays in contracts.
After the markets closed, the Monrovia maker of unmanned aircraft systems and power systems for electric vehicles, recorded a net loss of $1.4 million (-6 cents a share), compared with net income of $326,000 (1 cent), in the same period a year earlier. Revenue fell 5 percent to $58.7 million.
Analysts surveyed by Thomson Reuters had expected the company to report a loss of 3 cents a share on revenue of $62.5 million.
AeroVironment maintained its fiscal year guidance for net income of $1.41 to $1.51 a share on revenue between $348 million and $370 million
Shares earlier closed up 13 cents, or less than 1 percent, to $25.14 on the Nasdaq and fell 2 percent in after-hours trading.