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Thursday, Feb 2, 2023

AeroVironment Reports Profit Following Divestment in EV Charger Business

AeroVironment Inc. beat Wall Street estimates on earnings and revenue for the fiscal first quarter.

The Monrovia unmanned aircraft manufacturer reported on Wednesday net income of $27.3 million ($1.14 a share) on revenue of $78 million for the quarter ending July 28. That compares to a net loss of $5.9 million (-25 cents) on revenue of $34.4 million in the same period a year earlier.

Analysts on average expected earnings of 29 cents on revenue of $73.7 million, according to Thomson Financial Network.

AeroVironment develops, manufacturers and tests its unmanned aircraft in Simi Valley.

Chief Executive Wahid Nawabi said that after the sale of AeroVironment’s electric vehicle charging station business to Webasto Charging Systems Inc. in June for $32 million, the company has become a technology provider focused on the defense, telecommunications and commercial markets.

“Strength in the end markets for our small (unmanned aircraft) and Tactical Missile Systems, combined with continued progress in our HAPSMobile Inc. joint venture, position us well to achieve our fiscal year 2019 objectives and our long-term value creation goals,” Nawabi said in a statement.

Results were released after the market closed. Shares of AeroVironment (AVAV) closed Wednesday down 41 cents, or less than a percent, to $87.50 on the Nasdaq.

This article first appeared in the San Fernando Valley Business Journal.


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