AeroVironment, Inc. (NASDAQ:AVAV) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
AeroVironment, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.32 in the quarter versus EPS of $-0.06 in the year-earlier quarter.
Revenue: Decreased 24.81% to $44.12 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: AeroVironment, Inc. reported adjusted EPS loss of $0.32 per share. By that measure, the company missed the mean analyst estimate of $-0.07. It beat the average revenue estimate of $43.78 million.
Quoting Management: “While our first quarter revenue was in-line with our previous expectations, it was adversely impacted by several one-time effects, as well as continued government contracting delays. Despite the current market environment, we have seen a recent pick-up in the number of delayed orders that have been released, contributing to a 29 percent increase in funded backlog compared to last quarter,” said Tim Conver, AeroVironment chairman and chief executive officer. “The final increment of government fiscal 2012 Raven orders arrived early in the second quarter, supporting the expectation that demand for our small UAS remains an enduring priority. At the same time, progress on Switchblade tactical missile systems, electric vehicle charging systems and international UAS markets moved us closer to broader adoption and increasing demand in each of those areas, and long-term growth for the company. Overall, our fiscal 2014 plan remains on track, and we continue to operate within our previously announced guidance range.”
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