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Friday, Feb 3, 2023
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AeroVironment Restates Revenue Guidance

Aircraft and energy systems manufacturer AeroVironment Inc. revised its guidance on revenues for the year, anticipating lower sales due to the economy and a decrease in its backlog as customer orders are shipped. The company put its guidance at 11 percent to 16 percent growth over 2008. The previous guidance had been 20 percent to 25 percent growth. Monrovia-based AeroVironment has a facility in Simi Valley for developing and making small, pilotless planes used in combat zones. For the third quarter ending Jan. 31, AeroVironment reported a net income of $4.5 million, or $0.21 per diluted share, on revenues of $52.2 million. That is a 24 percent decrease from the same period in 2008 when the company reported net income of $6 million, or $0.28 per diluted share, on revenues of $48.5 million. As of Jan. 31, the company had $139 million in unfilled orders, which includes a $39 million order for the pilotless Raven aircraft system that began production in February. Shares in AeroVironment closed down at $30.58. Mark R. Madler

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