Los Angeles Business Journal

AeroVironment’s Earnings Plunge

By Deborah Crowe Tuesday, November 26, 2013

AeroVironment Inc. reported a drop in profit and revenue in its fiscal second quarter as orders for its unmanned drone aircraft and electric car battery chargers continued to slow.

After the markets closed Tuesday, the Monrovia company reported net income of $1.7 million (7 cents a share), 80 percent lower than in the same period a year earlier. Revenue fell 19 percent to $64.9 million.

AeroVironment’s Unmanned Aircraft Systems division suffered a 14 percent revenue decline as business from its prime U.S. military customers closed. Revenue from the company’s Simi Valley-based Efficient Energy Systems, which includes electrical vehicle chargers, was off 41 percent.

Shares which earlier closed up 53 cents, or 2 percent, to $26.92 on the Nasdaq, rose 5 percent in after-hours trading.