- AeroVironment (AVAV -10.7%) plunges after posting a larger than expected FQ2 loss on a 22% Y/Y revenue decline as sales in the company’s unmanned aircraft systems business fell.
- AVAV also issued downside guidance for FQ3, seeing EPS of a $0.34-$0.38 loss vs. analyst consensus estimate of a $0.24 gain on revenues of $50M-$52M vs. $75.6M consensus; AVAV reaffirms guidance for FY 2017, forecasting EPS of $0.20-$0.35 vs. $0.23 consensus on revenues of $260M-$280M vs. $263.5M consensus.
- AVAV says its funded backlog at the end of FQ2 totaled $119.6M, up from $65.8M at the end of the prior quarter.