Aerovironment stock rose cautiously ahead of its first quarter fiscal 2018 earnings results, and then spiked nearly 10 percent in after-hours trading with the announcement of a 21 percent increase in revenues and lower net losses.
Revenues reached $43.8 million for the quarter ended July 29, up from $36.2 million for the first quarter the prior year, primarily from boosts in its unmanned aircraft systems and efficient energy systems segments.
The Monrovia company, with operations in Simi Valley, cut losses from operations nearly in half, from $15.6 million in the first quarter of fiscal 2017 to $8.2 million in the most recent quarter. Net losses fell from $11.6 million, or 51 cents per share, to $4.5 million, or 19 cents per share for the same periods.
“A 9 percent increase in funded backlog enhances our visibility and positions us to deliver on our fiscal 2018 goals,” President and CEO Wahid Nawabi said in a news release. “We remain focused on making continued progress on our long-term growth initiatives as we work to deliver results, capitalize on opportunities and create value for customers, employees and stockholders.”
Aerovironment reiterated its full fiscal 2018 revenue expectations of $280 million-$300 million and earnings per diluted share of 45-65 cents. It had cash and cash equivalents of $117.5 million, with $37.7 million in current liabilities.
Shares ended at $39.34 on Aug. 29, but rose $3.90 after the market closed to $43.25.
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