AeroVironment Inc. posted fiscal fourth quarter results on Tuesday that beat analysts’ estimates as the company reported higher sales of its unmanned aircraft.
The Monrovia manufacturer reported net income of $7.1 million (31 cents a share) for the quarter ended April 30, compared with net income of $8.1 million (35 cents) in the same period a year earlier. Revenue increased 18 percent to $86.5 million.
Analysts on average expected net income of 18 cents on revenue of $85.7 million, according to Thomson Financial Network.
AeroVironment builds and tests its unmanned aircraft in Simi Valley.
“During the quarter, we strengthened our market positions, moved key programs forward to generate value and focused on innovation,” said Chief Executive Tim Conver in a prepared statement.
Shares closed up 5 cents, or a fraction of a percent, to $26.08 on the Nasdaq.
Ixia has expanded its board of directors with the addition of Ilan Daskal as an independent director, the company announced.
Daskal will serve as the chairman of the audit committee of the Calabasas developer of security and network-performance software.
Daskal is executive vice president and chief financial officer at Cepheid Inc., a Sunnyvale molecular diagnostics company. Previously, he had been chief financial officer for International Rectifier, a semiconductor company in El Segundo.
“With over 20 years of financial experience, Ilan brings added depth and insight to our Board of Directors and we look forward to his contributions as we strive to execute Ixia’s growth strategy and drive shareholder value,” said Ixia Chief Executive Bethany Mayer in a prepared statement.
Shares closed down 4 cents, or less than 1 percent, to $12.44 on the Nasdaq.