Aerovironment cuts full-year forecast, shares tumble
March 5 (Reuters) - Drone maker Aerovironment Inc reported a lower quarterly profit and cut its full-year forecast on delays in government orders, sending it shares down 24 percent after the bell.
"Over $100 million of planned revenue will have slid from our fiscal 2013," CEO Tim Conver said on a post-earnings conference call.
He added that many of these delayed orders will be pushed out into fiscal 2014.
Defense companies are bracing for sustained pressure on military budgets under a process called sequestration, or the automatic across-the-board U.S. government spending cuts that began last week.
The company said it now expects sales between $230 million and $250 million, down from its previous forecast of $348 million to $370 million.
Aerovironment cut its profit forecast to 30-50 cents per share from the $1.41-$1.51 per share range it forecast earlier.
Net income for the third quarter fell to $3.9 million, or 17 cents per share, from $5.7 million, or 26 cents per share, a year earlier.
Revenue fell 34.6 percent to $47.1 million.
Monrovia, California-based Aerovironment's shares were trading down 22 percent at $16.93 after the bell. They closed at $21.69 on the Nasdaq on Tuesday.