Aerovironment beats estimates on strong margins, shares rise

Tue Dec 4, 2012 4:39pm EST

Dec 4 (Reuters) - Drone maker Aerovironment Inc posted better-than-expected quarterly results, helped by higher margins.

Aerovironment shares were up 9 percent at $22.15 after the bell. They closed at $20.26 on the Nasdaq on Tuesday.

Earnings rose to $8.7 million, or 39 cents per share, for the second quarter, from $6.6 million, or 30 cents per share, a year earlier.

Revenue fell marginally to $80.28 million. Gross margins rose to $35.6 million from $30.6 million a year earlier.

Analysts on average were expecting earnings of 22 cents per share, on revenue of $77.1 million, according to Thomson Reuters I/B/E/S.

The company maintained its 2013 earnings forecast of between $1.41 and $1.51 per share on revenue of between $348 million and $370 million.