Aerovironment posts first-quarter loss on contract delays

Wed Sep 5, 2012 4:28pm EDT

(Reuters) - Aerovironment Inc (AVAV.O) that makes unmanned aircraft systems and electric vehicles, posted a first-quarter loss, hurt by delay in contracts, sending its shares down 2 percent in extended trading.

The company recorded a net loss of $1.4 million, or 6 cents per share, compared with a net income of $0.3 million, or 1 cent per share, a year earlier.

Revenue fell 5 percent to $58.7 million.

The company maintained its forecast of a net income of $1.41 to $1.51 per share on revenue between $348 million and $370 million for fiscal 2013.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Joyjeet Das)

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