AeroVironment reports drop in revenues
AeroVironment, a Monrovia-based aircraft systems company with operations in Simi Valley, announced a drop in revenues for its third quarter fiscal 2017, ending in a $2.2 million net loss.
Revenues for the quarter fell from $67.6 million the prior year to $53.2 million, mainly from its unmanned aircraft division.
Gross margin also decreased 27 percent relative to the same period last year, partially offset by decreases in sales, general and administrative and research and development expenses. Loss from operations totaled $1.4 million.
Year to date, the company has brought in $139.5 million in revenues, down 22 percent from the first nine months of fiscal 2016.
Losses were 9 cents per share for the third quarter and 78 cents for the first nine months of the fiscal year. The company had a funded backlog of $128.2 million, almost double what it had on April 30, 2016.
“Strong third quarter order flow produced our third highest funded backlog of $128 million, significantly increasing our full year visibility,” CEO Wahid Nawabi said in a news release. “Our third quarter financial results exceeded our expectations, with $53.2 million in revenue, favorable revenue mix and lower spending. Continued strength in the international small unmanned aircraft systems market, combined with progress in our Tactical Missile Systems business, position AeroVironment to achieve our near-term business objectives while creating long-term shareholder value.”
The company updated its 2017 outlook, predicting revenues between $260 million and $280 million, generating earnings per diluted share of 20-35 cents.
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