AeroVironment, Inc. (NASDAQ:AVAV) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.77%.
AeroVironment, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.04 in the quarter versus EPS of $0.80 in the year-earlier quarter.
Revenue: Decreased 51.12% to $54.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: AeroVironment, Inc. reported adjusted EPS loss of $0.04 per share. By that measure, the company beat the mean analyst estimate of $-0.10. It beat the average revenue estimate of $51.07 million.
Quoting Management: “Fiscal 2013 performance met our revised guidance, with full year revenue of $240 million and fully diluted EPS of $0.47, including non-operating items,” said Tim Conver, AeroVironment chairman and chief executive officer. “Government contracting delays for unmanned aircraft systems combined with lower than expected electric vehicle adoption rates to reduce annual revenue by 26 percent compared to fiscal 2012. Despite these market headwinds, we maintained market leadership in each business area and strengthened our cash position by $11 million, further enhancing our ability to move quickly and decisively when growth opportunities arise.”
Key Stats (on next page)…