AeroVironment Turns Profit in Fiscal Third Quarter

AeroVironment Inc. beat Wall Street estimates on earnings and revenue for the fiscal third quarter.The Simi Valley unmanned aircraft manufacturer reported on Tuesday net income of $211,000 (1 cent a share) for the quarter ending Jan. 30, compared with a net loss of $1 million (-4 cents) in the same period a year earlier. Revenue increased by 27 percent to $79 million.Analysts on average expected earnings of 0 cents on revenue of $75.5 million, according to Thomson Financial Network.Chief Executive Wahid Nawabi said the company was building on its momentum and recently received government approval to sell its Switchblade 300 miniature missile system to an allied country.“We are delivering on our commitments while working toward achieving our fiscal year 2021 objectives to produce a fourth consecutive year of profitable, double-digit topline growth,” Nawabi said in a statement.Shares of AeroVironment (AVAV) closed up $3.83, or about 3.7 percent, to $106.37 on the Nasdaq, on a day when that market also closed up 3.7 percent.