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AeroVironment’s Mixed Bag
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An Industry Proudly Comes of Age at Boston Event Business conclaves are always an excellent barometer of the state of the industry they’re focused on. And the Robotics Trends RoboBusiness Leadership Summit 2011, held last week in Boston, was no exception. Optimism reigned supreme throughout the two-day event, reflecting a view that the robotics industry was now back and stronger than ever, following months of slowed performance brought on by the recession. |
While Wall Street was disappointed with the recent financial results of AeroVironment Inc., the long-term outlook for the company remains positive. Monrovia, Calif.-based AeroVironment (NASDAQ:AVAV), best known as the producer of a line of small unmanned aircraft systems (UAS) for the military market and fast-charge systems for electric vehicles (efficient energy systems, or EES), in March reported financial results for its third quarter of fiscal year 2010, which ended January 30, 2010.
The company announced $60.9 million of revenue for the quarter, an 18 percent growth over its second quarter and up 17 percent from FY 2009 third-quarter revenue of $52.2 million.
AeroVironment attributed the revenue increase to higher sales of unmanned aircraft systems ($11.7 million), offset somewhat by lower than expected sales in the EES segment ($3.1 million). But the company missed its Q3 estimate of $73 million. Also, revenue for the first nine months of FY2010 was $150.2 million, down 12 percent from the same period in 2009 ($171.6 million) and lower than projected.
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