June 23, 2009 / 9:18 PM / in 8 years

UPDATE 1-AeroVironment Q4 results top Street

* Q4 EPS 27 cents beats expectations by a cent

* Q4 rev $76 million vs est $71.4 mln

* Sees 2010 rev up 18 to 22 pct

June 23 (Reuters) - Drone maker AeroVironment Inc (AVAV.O) posted quarterly results above market expectations, helped by strong sales at both its unmanned aircraft and energy systems businesses, and forecast an 18 to 22 percent growth for 2010 sales.

Profit for the fourth quarter ending April 30 was $5.8 million, or 27 cents a share, compared with $6.4 million, or 30 cents a share, a year ago.

Revenue rose 18 percent to $76 million. Sales at the unmanned aircraft segment rose 17 percent to $65.4 million and at the efficient energy systems segment jumped 28 percent to $10.6 million.

Analysts on average expected earnings of 26 cents a share, before items, on revenue of $71.4 million, according to Reuters Estimates.

    “The U.S. government’s recent commitments to increase the emphasis on soldier systems and intelligence, surveillance and reconnaissance within the Department of Defense, and electric vehicle infrastructure throughout the country, are positive indications of growing opportunities,” the company said in a statement.

    For 2010, AeroVironment expects a revenue growth of 18 percent to 22 percent. Analysts expect 2010 revenue of $290.6 million.

    Shares of the Monrovia, California-based company were up $1.54, or about 6 percent, at $28.90 in trading after the bell. They closed at $27.36 Tuesday on Nasdaq.

    For the alerts, double click [ID:nWNBB0448] (Reporting by Eric Yep in Bangalore; Editing by Ratul Ray Chaudhuri)

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