AeroVironment Sees Growth From Switchblade Drone

AeroVironment Inc. beat Wall Street expectations on earnings in the fiscal third quarter but fell short in revenue, the company announced Tuesday. The Simi Valley manufacturer reported on Tuesday net income of $6.2 million (27 cents a share) for the quarter ended Jan. 30, compared with net income of $2.3 million (10 cents) in the same period a year earlier. Revenue decreased 1 percent to $67.6 million. Analysts on average expected net income of 5 cents on revenue of $70.4 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. Chief Executive Tim Conver said the company’s growth has been helped by the Switchblade unmanned aircraft and the introduction of a new charging system for industrial electric vehicles. “Our strategic investments in commercial unmanned aircraft systems continued to strengthen our long-term growth prospects across multiple promising avenues,” Conver added in a prepared statement. Shares closed down 8 cents, or a fraction of a percent, to $26.58 on the Nasdaq.