AeroVironment’s Quarter Exceeds Expectations

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AeroVironment Inc. on Tuesday reported fiscal fourth quarter results above Wall Street expectations.

The results were driven by strong sales at both its unmanned aircraft and energy systems businesses. The company also forecast double-digit revenue growth for the coming year.

After the markets closed, the Monrovia aircraft and energy company reported net income of $5.8 million (27 cents a share) for the quarter ending April 30, compared with $6.4 million (30 cents) a year ago. Revenue rose 18 percent to $76 million.

Analysts surveyed by Reuters Estimates on average expected net income of 26 cents a share on revenue of $71.4 million.

Sales at the company’s unmanned aircraft segment rose 17 percent to more than $65 million. Efficient energy systems sales rose 28 percent to $10.6 million.

For fiscal 2010, AeroVironment expects a revenue growth of 18 percent to 22 percent.

“We, like others, were affected by the global economic downturn,” Chief Executive Tim Conver said in a statement. “However, the U.S. government’s recent commitments to increase the emphasis on soldier systems and intelligence, surveillance and reconnaissance and electric vehicle infrastructure throughout the country are positive indications.”

Before the announcement, AeroVironment shares closed down 49 cents, or 2 percent to $27.36 on the Nasdaq. Shares rose 5 percent in after-market trading.

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