AeroVironment Inc. matched Wall Street estimates on earnings and beat on revenue for the fiscal fourth quarter, the company announced Tuesday.
The Simi Valley unmanned aircraft developer reported net income of $5.7 million (26 cents a share) for the quarter ending April 30, compared with net income of $16.8 million (79 cents) in the same period a year earlier. Revenue dropped 23 percent to $87.9 million.
Analysts on average expected earnings of 26 cents on revenue of $82.4 million, according to Thomson Financial Network.
Chief Executive Wahid Nawabi said the company was transforming itself to better compete into the future and was poised to build on its momentum in the new fiscal year and beyond.
“We are protecting more United States and allied forces with our unmanned aircraft and tactical missile systems, empowering more farmers and researchers with data tools to grow more and earn more,” Nawabi said in a statement.
The quarterly results were issued after the market closed. Shares of AeroVironment (AVAV) closed down 51 cents, or just less than 1 percent, to $61.31 on the Nasdaq.