AeroVironment’s revenue up, profit down
AeroVironment, the Simi Valley-based drone maker, said revenue in its first quarter grew slightly to $87.4 million as the company’s profit fell to 42 cents per share from 71 cents a year earlier.
“We are on track to achieve our fiscal year 2021 plans and deliver another year of profitable top line growth, despite the COVID-19 pandemic and its unprecedented impact on the global economy,” Wahid Nawabi, AeroVironment president and CEO, said in a news release.
The company said it completed a fourth flight test of the Sunglider HAPS system during the quarter and demonstrated an enhanced variant of its Switchblade drone.
Revenue for the first quarter of fiscal 2021 was $87.5 million, an increase of 1 percent from the prior year. Income from operations for the quarter was $12.3 million, a decrease of $6.6 million from the first quarter of fiscal 2020, thanks in part to higher research and development expenses.
For fiscal 2021, AeroVironment said it continues to expect revenue between $390 million and $410 million, operating margin of between 12 percent and 12.5 percent, and earnings per diluted share of $1.65 to $1.85. This financial guidance assumes approximately 7 percent ownership of its HAPSMobile joint venture.