AeroVironment Narrows Loss, Beats Wall Street Estimates

AeroVironment Inc. beat Wall Street estimates on earnings and revenue in the fiscal first quarter. The Monrovia manufacturer of unmanned aircraft and electric vehicle charging stations that has operations in Simi Valley reported on Tuesday a net loss of $4.5 million (-19 cents a share) on revenue of $43.8 million for the quarter ending July 29. That compares to a net loss of $11.6 million (-51 cents) in the same period a year earlier. Analysts on average expected a loss of -34 cents on revenue of $42.4 million, according to Thomson Financial Network. Chief Executive Wahid Nawabi said the company executed its plan in the first quarter by increasing revenue and narrowing the loss per share. A 9 percent increase in funded backlog contracts should help the company deliver on fiscal 2018 goals, he added. “We remain focused on making continued progress on our long-term growth initiatives as we work to deliver results, capitalize on opportunities and create value for customers, employees and stockholders,” Nawabi said in a prepared statement. Shares in AeroVironment (AVAV) closed up 29 cents, or just less than 1 percent, to $39.35 on the Nasdaq.