Revenue fell short in the first quarter as unmanned aircraft sales decreased for manufacturer AeroVironment Inc.
The Monrovia-based company reported revenue of $58.7 million, which was $3 million less than expected, for the quarter ending July 28. The company had net loss of $1.4 million, or $0.06 per diluted share.
For the same period in the previous year, AeroVironment reported net income of $326,000, or $0.01 per diluted share, on revenue of $62 million.
The company anticipated a net loss in the first quarter as it positions itself for growth in the second half of the year, said Chairman and CEO Tim Conver.
“We are focusing bid and proposal and research and development investments on multiple adjacent market and new development initiatives where we continue to receive positive customer feedback on the probability of successfully capturing long-term growth opportunities,” Conver said in a prepared statement. “At the same time, we are managing other costs in the business to achieve our financial plan for the fiscal year.”
AeroVironment develops and manufactures drone aircraft at facilities in Simi Valley and electric vehicle charging stations in Monrovia.
Mark R. Madler