UPDATE 1-AeroVironment Q3 profit misses Street view; shares fall

* Q3 EPS 21 cents vs est of 27 cents

* Q3 rev rises 8 pct to $52.2 mln, lags Street

* Cuts FY09 rev growth forecast

* Shares fall 29 pct in after-hours trading

March 9 (Reuters) - AeroVironment Inc (AVAV.O), a maker of unmanned aircraft systems, posted a 24 percent drop in quarterly profit, trailing market estimates, on higher expenses, and it lowered its full year revenue growth forecast, sending its shares down 29 percent.

For the third quarter ended Jan. 31, the company earned $4.5 million, down from about $6.0 million a year earlier.

The Monrovia, California-based company now expects 2009 revenue growth of between 11 percent and 16 percent, down from its previous forecast of 20 percent to 25 percent.

"Even with our backlog, our view of the balance of the year requires that we lower our revenue outlook for fiscal 2009. This is driven largely by current economic conditions as well as the timing of the receipt and shipment of customer orders," Chief Executive Tim Conver said in a statement.

As of Jan. 31, funded backlog was $139.0 million. Gross margin fell 16 percent for the quarter. Cost of sales rose 24 percent, while research and development expenses jumped 26 percent.

Shares of the company were trading at $21.70 after the bell. They closed at $30.58 Monday on Nasdaq.

For the alerts, double-click on [ID:nWNAB1968] (Reporting by Mary Meyase in Bangalore; Editing by Deepak Kannan)