AeroVironment Inc. reported a big drop in revenue in its fiscal first quarter as orders for its unmanned drone aircraft continued to slow.
The company, headquartered in Monrovia but with operations in Simi Valley, reported a net loss of $7.2 million (-32 cents a share) for the quarter ended July 27, compared to a net loss of $1.4 million (-6 cents) in the same quarter a year ago. Revenue fell 25 percent to $44.1 million.
The loss badly missed analyst expectations of -7 cents a share, according to Thomson Financial.
The company said Tuesday that the decline was mostly due to a 27 percent decrease in sales in the Unmanned Aircraft Systems (UAS) segment.
This comes one month after the company received certification from the Federal Aviation Administration that allows its Puma unmanned aircraft to be used for commercial purposes. The first non-military uses for the 13-pound, hand-launched Puma will include monitoring oil spills and wildlife observation off the coast of the Beaufort Sea in the Arctic Circle.
Shares closed down 15 cents, or less than one percent, to close Wednesday at $22.02 on the Nasdaq.
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