Shares in AeroVironment Inc. closed down nearly 10 percent on Thursday a day after the company missed profit forecasts for the fiscal first quarter.
The Monrovia manufacturer of unmanned aircraft reported a net loss of $3.6 million (-16 cents a share) for the quarter ended Aug. 2, compared with a loss of $7.2 million (-32 cents) in the same period a year earlier. Revenue was up 18 percent to $51.9 million.
Analysts on average expected a net loss of 11 cents a share on revenue of $50.7 million, according to Thomson Reuters.
AeroVironment generates most of its revenue from sales of its unmanned aircraft, which are developed, manufactured and tested in Simi Valley. It also has a separate business making electric-vehicle charging stations.
The company reported a sales gain of $6 million in its unmanned aircraft division and a sales gain of $1.8 million in its electric-vehicle charging unit, helping revenue beat analyst forecasts. But higher selling, general & administrative expenses of $1 million lowered its bottom line.
Chief Executive Tim Conver said a backlog in the first quarter of $82 million shows momentum across the company’s divisions,
“Strong bookings, which continue in the second quarter, provide us with greater visibility into full year revenue and strengthen our confidence in our financial outlook,” Conver said in a prepared statement.
Shares closed down $3.09 to $30.56 on the Nasdaq.