AeroVironment Inc. fell short of Wall Street expectations on revenue and earnings in the fiscal first quarter as sales of its unmanned aircraft and electric vehicle charging stations dropped off.
The Monrovia manufacturer reported on Tuesday a net loss of $7 million (-30 cents a share) for the quarter ended Aug. 1, compared with a loss of $3.6 million (-16 cents) in the same period a year earlier. Revenue decreased 9 percent to $47.1 million.
Analysts on average expected net income of -15 cents on revenue of $53.9 million, according to Thomson Financial Network.
AeroVironment builds and tests its unmanned aircraft in Simi Valley.
The company said its earnings were impacted by a $1 million decrease in unmanned aircraft sales, a $3.8 million decrease in electric vehicle charging station sales and a loss on the sale of shares in CybAero, a Swedish company that makes unmanned aircraft.
Shares closed down 67 cents, or 2.8 percent, to $23.38 on the Nasdaq.