Aerovironment beats estimates on strong margins, shares rise
(Reuters) - Drone maker Aerovironment Inc (AVAV.O) 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.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Supriya Kurane)
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