title https://www.pacbiztimes.com Proudly serving Ventura, Santa Barbara and San Luis Obispo counties Fri, 08 Mar 2024 00:13:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 AeroVironment shares hit all-time high behind record Q3 earnings https://www.pacbiztimes.com/2024/03/07/aerovironment-shares-hit-all-time-high-behind-record-q3-earnings/ Fri, 08 Mar 2024 00:13:47 +0000 https://www.pacbiztimes.com/?p=92555 Shares of AeroVironment, a drone maker for the defense industry, are up more than 40% since the company announced its earnings for the third quarter, showing that demand for its products is soaring. AeroVironment, headquartered in Virginia but still maintains large operations in Simi Valley and Moorpark, beat analyst expectations by a large amount on Read More →

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A soldier launches a test flight of an AeroVironment Puma drone. (courtesy photo)

Shares of AeroVironment, a drone maker for the defense industry, are up more than 40% since the company announced its earnings for the third quarter, showing that demand for its products is soaring.

AeroVironment, headquartered in Virginia but still maintains large operations in Simi Valley and Moorpark, beat analyst expectations by a large amount on March 4.

According to its latest earnings report for the quarter that ended Jan. 27, AeroVironment generated record third-quarter revenue of $186.6 million, up 39% year-over-year.

The company also generated net income worth $13.9 million for the third quarter, up from a loss of about $1 million in the same quarter a year ago.

Moreover, when adjusted for one-time losses, AeroVironment generated a net income of $28.8 million, or 63 cents per share, doubling up on Wall Street expectations of 33 cents per share, according to the Motley Fool.

That, combined with AeroVironment raising its full-year fiscal guidance for the second-straight quarter, was the reason for the company’s shares jumping so drastically.

AeroVironment now expects total year sales of between $700 million and $710 million, up from a forecast of between $645 million and $675 million in sales made back in September. 

Shares of the company are up 41% since its earnings announcement, including jumping 8% during the trading day on March 8. Shares closed at $180.61 on March 8.

Shares reached as high as $183.55, an all-time high for the company since going public in 2007.

“Once again, AeroVironment has delivered outstanding results, including a record for third-quarter revenue that’s nearly 40% above the same period last fiscal year,” Wahid Nawabi, AeroVironment chairman, president and CEO, said in a press release. 

“Solid bottom-line results, fueled by record demand and strong operating execution, have us on track for our best year ever. In addition, the Company continues to show tremendous growth in the Loitering Munition Systems segment, which delivered record revenue in the quarter. With the increased global demand for our solutions, strong backlog and growing pipeline, AeroVironment remains well positioned for continued growth.”

AeroVironment ended the quarter with a funded backlog of $462.8 million in future business. 

During the company’s earnings call, Nawabi noted that “higher demand across the globe and emerging programs of record are driving historic top-line growth.”

He said that sales in the company’s loitering munitions segment more than doubled year-over-year to $58 million. 

“This was our best quarter ever for LMS, with a significant rise sequentially and year over year. Yet, we believe we’re only getting started,” Nawabi said.

Its loitering munitions segment includes AeroVironment’s Switchblade drone. The Switchblade is a drone used by several branches of the military and is small enough to fit in a backpack.

Nawabi said the company is engaged with more than 20 countries who have “demonstrated a strong interest in Switchblade.”

“We expect Switchblade production to increase further in the fourth quarter, setting LMS up for another record fiscal year and even greater success in the future. Since we foresee additional large orders for Switchblade on the horizon, we’re investing to further increase our manufacturing capacity,” Nawabi said.

“While we have sufficient capacity for the next couple of years of increased demand, our team is also evaluating future expansion of facilities, geographies, and supply chain partners.”

Sales for the company’s unmanned system segment rose 23% year over year to approximately $113 million. 

Top-line growth is broadly spread across its Puma and JUMP 20 systems, reflecting a good mix of domestic and international customers, Nawabi said.

In fact, sales for Puma, now in its third generation, accounted for about half the UMS revenue.

AeroVironment ended the quarter with cash and cash equivalents worth $107.2 million.

email: jmercado@pacbiztimes.com 

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MannKind caps off record year with Q4 earnings beat https://www.pacbiztimes.com/2024/02/28/mannkind-caps-off-record-year-with-q4-earnings-beat/ Wed, 28 Feb 2024 23:27:45 +0000 https://www.pacbiztimes.com/?p=92508 This article is only available to Business Times subscribers Subscribers: LOG IN or REGISTER for complete digital access. Not a Subscriber? SUBSCRIBE for full access to our weekly newspaper, online edition and Book of Lists. Check the STATUS of your Subscription Account.

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Inogen closes out rough year with decreasing revenue https://www.pacbiztimes.com/2024/02/27/inogen-closes-out-rough-year-with-decreasing-revenue/ Wed, 28 Feb 2024 07:22:15 +0000 https://www.pacbiztimes.com/?p=92499 Goleta-based Inogen saw shares dip nearly 20% in after-hours trading Feb. 27 after the company missed analyst expectations in the fourth quarter and had an overall rough year in fiscal year 2023. Inogen, a maker of portable oxygen containers, announced on Feb. 23 after the markets closed that fourth quarter total revenue was $75.9 million, down Read More →

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Goleta-based Inogen saw shares dip nearly 20% in after-hours trading Feb. 27 after the company missed analyst expectations in the fourth quarter and had an overall rough year in fiscal year 2023.

Inogen, a maker of portable oxygen containers, announced on Feb. 23 after the markets closed that fourth quarter total revenue was $75.9 million, down from $88.1 million in the fourth quarter of 2022. The decrease was primarily due to a decrease in domestic business-to-business sales and direct-to-consumer sales, partially offset by higher rental revenue, according to an Inogen press release.

Moreover, the company suffered a net loss of $26.6 million which was better than last year’s fourth quarter loss of $56.6 million. Adjusted for one-time losses, however, the company had a net loss of $19.4 million, or a loss of 81 cents per share, up from 2022’s fourth quarter adjusted loss of $13 million.

Analysts expectations from Zacks Consensus Estimate projected the company to suffer an adjusted net loss of 41 cents per share, with revenue at around $78 million, both of which the company missed.

For the full year, Inogen also struggled with revenue falling to $315.7 million in 2023 compared to $377.2 million in 2022, primarily due to declines in direct-to-consumer sales as well as domestic and international business-to-business sales, partially offset by higher rental revenue, according to the press release.

The company’s net loss was $102.4 million compared to a net loss of $83.8 million in 2022. Adjusted for one-time losses, Inogen’s loss was $48.3 million compared to adjusted net loss of $26.2 million for 2022.

Inogen shares closed at $9.34 on Feb. 27, but once the company released its earnings, shares fell 17.7% to $7.74 in after-hours trading. Shares are down 40% year-over-year.

Inogen ended the quarter with cash and cash equivalents worth $187 million.

“I am excited for the future of Inogen. As we progress into 2024, we are focused on positioning the business for revenue growth and long-term profitability while advancing our innovation pipeline and working to bring Physio-Assist to the U.S. market,” said newly-appointed CEO Kevin Smith in a press release.

Smith took over as CEO on Nov. 13 for Nabil Shabshab after a little over two years at the job.

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CEO confident The Trade Desk sees no signs of slowing down https://www.pacbiztimes.com/2024/02/22/ceo-confident-the-trade-desk-sees-no-signs-of-slowing-down/ Thu, 22 Feb 2024 21:34:14 +0000 https://www.pacbiztimes.com/?p=92459 This article is only available to Business Times subscribers Subscribers: LOG IN or REGISTER for complete digital access. Not a Subscriber? SUBSCRIBE for full access to our weekly newspaper, online edition and Book of Lists. Check the STATUS of your Subscription Account.

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Procore hits huge revenue milestone in 2023 https://www.pacbiztimes.com/2024/02/22/procore-hits-huge-revenue-milestone-in-2023/ Thu, 22 Feb 2024 21:32:58 +0000 https://www.pacbiztimes.com/?p=92456 This article is only available to Business Times subscribers Subscribers: LOG IN or REGISTER for complete digital access. Not a Subscriber? SUBSCRIBE for full access to our weekly newspaper, online edition and Book of Lists. Check the STATUS of your Subscription Account.

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Sonos shares tick up 12% day after earnings beat https://www.pacbiztimes.com/2024/02/08/sonos-shares-tick-up-12-day-after-earnings-beat/ Thu, 08 Feb 2024 23:22:57 +0000 https://www.pacbiztimes.com/?p=92377 Santa Barbara-based Sonos delivered a welcomed surprise to analysts on Feb. 6 when the company shared its results for the first quarter of 2024 and teased its new product launch — a process set to begin in the next few months. Sonos, a maker of speakers and other products, announced revenue of $612.8 million and Read More →

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Santa Barbara-based Sonos delivered a welcomed surprise to analysts on Feb. 6 when the company shared its results for the first quarter of 2024 and teased its new product launch — a process set to begin in the next few months.

Sonos, a maker of speakers and other products, announced revenue of $612.8 million and while that was down 9% from last year’s mark, it beat analysts’ expectations of $587 million, according to LSEG, formerly Refinitiv.

Moreover, Sonos reiterated it expects to generate $1.65 billion in revenue for the full year.

The company got $80.9 million in net income, or 64 cents per share, versus $75.2 million, or 57 cents per share, last year.

Adjusted for one-time losses, Sonos’ earnings per share reached 84 cents, beating analysts’ expectations of 54 cents per share, according to LSEG.

“Despite the challenging environment, we are winning in the market and outperforming the competition,” Sonos CEO Patrick Spence said during the company’s earnings call.

Spence also added that the team is just “months away” from announcing its highly-anticipated new product in a multi-billion dollar category, “which will be the first major milestone of our multi-year product cycle.”

“Our full attention is dedicated to successfully executing on our plan and positioning our business to return to top and bottom-line growth. Great things are happening here at Sonos and the best is yet to come,” Spence said.

He added that in anticipation of both the untapped opportunity in existing categories and opportunities in this new category, Sonos plans to expand its distribution footprint “meaningfully.”

“This means signing agreements with a few key distribution partners to broaden our reach and drive new households,” Spence said, adding more information will come in a few months. 

While not disclosed, all possibilities point toward Sonos finally unveiling a headphone product that it has been working on for years.

According to an email obtained by Bloomberg after the company’s Nov. 15 earnings report, Sonos Chief Product Officer Maxime Bouvat-Merlin disclosed that there is an internal team at Sonos working strictly on headphones. 

Bloomberg reported that Sonos is eyeing an April release for its headphones product, priced somewhere between $400-$500.

There are plans for other products such as earbuds, a TV-set top box and much more, Bloomberg reported.

Regardless, the excitement of a new product coupled with a solid earnings beat was more than enough to get investors excited.

Shares of Sonos shot up 12% in after-hours trading on Feb. 6 and closed even better on Feb. 7. One day after the company’s earnings report, Sonos shares closed up 17%, with the stock price at $19.28.

Based on five Wall Street analysts offering 12-month price targets for Sonos in the last 3 months, the average price target is $18.17 with a high forecast of $22.00 and a low forecast of $12.50, according to TipRanks. 

The company’s stock is also considered a strong buy based on the projections of those five analysts.
During the first quarter earnings call, Spence also welcomed his new CFO.

Former Apple finance executive Saori Casey is now Sonos’ new CFO effective Jan. 22, the Santa Barbara-based company announced Jan. 9.

Casey succeeds current CFO Eddie Lazarus, who will take on the new role of chief strategy officer while retaining his existing duties as chief legal officer. 

Casey has more than 30 years of corporate finance experience, including 13 years as Apple’s vice president of finance.

“The depth and breadth of her experience at world-class companies like Apple and Cisco make her perfectly suited to build on our momentum and seize the opportunity ahead,” he said in a press release.

Casey praised Sonos as an “iconic consumer brand with an exciting portfolio of audio products that delight and inspire millions of consumers around the world, myself included.

She said she has “great admiration for what the team has built and am energized by the opportunity to help lead Sonos into its next phase of growth.”

email: jmercado@pacbiztimes.com 

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Deckers stock on fire despite CEO change https://www.pacbiztimes.com/2024/02/08/deckers-stock-on-fire-despite-ceo-change/ Thu, 08 Feb 2024 23:21:01 +0000 https://www.pacbiztimes.com/?p=92375 This article is only available to Business Times subscribers Subscribers: LOG IN or REGISTER for complete digital access. Not a Subscriber? SUBSCRIBE for full access to our weekly newspaper, online edition and Book of Lists. Check the STATUS of your Subscription Account.

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