Dec 4 Aerovironment Inc posted a
better-than-expected quarterly profit as its unmanned aircraft
unit sold more fixed-price products, sending its shares up 9
percent after the bell.
Higher sales of its industrial electric vehicle charging
product, Posicharge, and overhead cost reduction also
contributed to the margins, Chief Executive Tim Conver said on a
Aerovironment draws about 80 percent of its revenue from the
unmanned aircraft systems segment, which is known for drones
like the Raven, Wasp and Puma.
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
Revenue fell marginally to $80.28 million. Gross margins
rose to $35.6 million from $30.6 million.
Analysts on average had expected earnings of 22 cents per
share on revenue of $77.1 million, according to Thomson Reuters
The company maintained its 2013 earnings forecast of between
$1.41 and $1.51 per share on revenue of between $348 million and
Monrovia, California-based Aerovironment's shares closed at
$20.26 on the Nasdaq on Tuesday.