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Monday, Apr 22, 2024

AeroVironment Earnings Drop 80 Percent

AeroVironment Inc. reported a drop in profit and revenue in its fiscal second quarter as orders for its unmanned drone aircraft and electric car battery chargers continued to slow. After the markets closed Tuesday, the company reported net income of $1.7 million (7 cents a share), 80 percent lower than the $8.7 million (39 cents) in the same period a year earlier. Revenue fell 19 percent to $65 million. The company is headquartered in Monrovia but manufactures drones in Simi Valley. AeroVironment’s Unmanned Aircraft Systems division suffered a 14 percent revenue decline as business from its prime U.S. military customers closed. Revenue from the company’s Simi Valley-based Efficient Energy Systems, which includes electrical vehicle chargers, declined 41 percent. Shares closed down 53 cents, or 2 percent, to $26.92 on the Nasdaq.

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