AeroVironment Inc. missed Wall Street projections on earnings and revenue in the fiscal first quarter.
The Monrovia manufacturer reported on Tuesday a net loss of $11.6 million (-51 cents a share) for the quarter ended July 30, compared with a net loss of $7 million (-30 cents) in the same period a year ago. Revenue decreased 23 percent to $36.2 million.
Analysts on average expected an earnings loss of -17 cents on revenue of $37.8 million, according to Thomson Financial Network
AeroVironment builds and tests its unmanned aircraft in Simi Valley and manufacturers its electric vehicle charging stations in Monrovia. During the quarter the drone business brought in $30.5 million in sales while the charging stations business brought in $5.7 million, both decreases from the prior year.
Chief Executive Wahid Nawabi said that international demand for the company’s small drone aircraft remains strong and there was confidence about opportunities with existing and new customers in Europe and the Middle East.
“Domestically, we remain poised to capitalize on revenue opportunities for small (unmanned aircraft) with the U.S. Department of Defense,” Nawabi said in a prepared statement.
Shares closed down 5 cents, or a fraction of a percent, to $29.79 on the Nasdaq.