AeroVironment Inc. beat Wall Street expectations on earnings and matched on revenue in the fiscal third quarter.
The Simi Valley drone developer and manufacturer reported on Tuesday net income of $8.4 million (35 cents a share) for the quarter ending Jan. 26. That compares with a net loss of $800,000 (-3 cents) in the same period a year earlier. Revenue increased by 38 percent to $75.3. million.
Analysts on average expected earnings of 14 cents on revenue of $75.3 million, according to Thomson Financial Network.
Chief Executive Wahid Nawabi said the AeroVironment team delivered outstanding financial results in the third quarter.
“We continue to make strong progress against our financial and operational objectives and have established a strong foundation for fiscal year 2020,” Nawabi said in a statement.
AeroVironment (AVAV) announced its earnings after the market closed. Shares closed down 23 cents, or a fraction of 1 percent, to $76.74 on the Nasdaq.