AeroVironment Inc. late Thursday reported fiscal fourth quarter revenue and profits that exceeded Wall Street expectations, driven by higher sales of its unmanned drone aircraft to the U.S. military.
Shares fell nearly 8 percent Friday as Wall Street considered the company's fiscal 2011 outlook to be weaker than expected.
After the markets closed, the Monrovia manufacturer reported net income of $15.6 million (71 cents per share) for the quarter ended April 30, compared with $5.8 million (27 cents) a year earlier. Revenue rose nearly 31 percent to $99.4 million.
Analysts polled by Thomson Reuters on average expected the company to report per-shares profit of 59 cents on revenue of $95.9 million.
The company said the revenue increase was fueled by higher sales in its unmanned aircraft systems segment, offsetting lower sales in its smaller efficient-energy systems unit.
The company, which sells its drones primarily to the U.S. military, said it expects revenue growth of 10 percent to 15 percent in fiscal 2011.
“This strong performance enabled us to achieve our revised revenue guidance for fiscal 2010 and exceed our revised operating income guidance,” said Chief Executive Tim Conver in a statement. “We see fiscal 2011 as a year of transition that will lay the foundation for significant long-term growth.”
Shares on Friday closed down $1.83, or 7.8 percent, to $21.43 on the Nasdaq.
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