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Wednesday, Oct 4, 2023

AeroVironment Climbs on Profitable Quarter

AeroVironment Inc. beat Wall Street expectations on earnings and revenue for the fiscal second quarter. The drone and electric vehicle charging station manufacturer reported on Tuesday net income of $7 million (29 cents a share) on revenue of $73.8 million for the quarter ending Oct. 28. That compares to a net loss of $4.2 million in the same period a year earlier. Analysts on average expected an earnings loss of 6 cents a share on revenue of $63.5 million, according to Thomson Financial Network. AeroVironment is headquartered in Monrovia but develops, manufactures and tests its unmanned aircraft in Simi Valley. Chief Executive Wahid Nawabi said during the quarter the company earned a top tier ranking from the U.S. Army in the Superior Supplier Incentive Program based on performance in the small drone and tactical missile systems businesses. “This recognition is a testament to the hard work and dedication of our entire team,” Nawabi said in a prepared statement. Shares in AeroVironment (AVAV) closed down 75 cents, or less than 2 percent, to $43.25 on the Nasdaq. In after hours trading, the company share price went up more than $8, or nearly 20 percent.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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