AeroVironment Inc. missed analyst estimates on revenue and earnings per share as sales of its unmanned aircraft decreased in the fiscal second quarter.
The Monrovia unmanned aircraft and electric vehicle charger manufacturer reported net loss of $2.9 million (-13 cents a share) for the quarter ending Nov. 1, compared with net income of $1.7 million (7 cents a share) in the same period a year earlier. Revenue dropped 19 percent to $52.6 million.
Analysts on average expected a net loss of 11 cents on revenue of $55.6 million, according to Thomson Financial Network.
The drop in revenue was due to a $13 million decrease in sales of unmanned aircraft. AeroVironment develops, builds and tests its aircraft in Simi Valley.
Chief Executive Tim Conver said the company secured new contracts during the quarter, including for new unmanned aircraft systems for the U.S. Marine Corps and Navy, and increased investment in commercial unmanned aircraft and in the large reconnaissance and surveillance aircraft Global Observer.
“We remain well positioned for the year and for the long-term,” Conver said in a prepared statement.
Shares closed up 71 cents, or just more than 2 percent, to $30.68 on the Nasdaq.