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AeroVironment, Inc. (AVAV)

  • Yesterday, 10:44 AM
    • Hyundai (OTC:HYMLF) has selected AeroVironment (AVAV +0.8%) as the preferred provider for charging system installation at its dealerships across North America for its all-new 2016 Hyundai Sonata Plug-in Hybrid.
    • The automaker is the seventh plug-in electric vehicle car manufacturer to choose AeroVironment as one of its suppliers.
    | Yesterday, 10:44 AM | Comment!
  • Fri, Oct. 16, 4:34 PM
    • Figures from data visualization firm indicate the FAA granted 1,307 exemptions for commercial drones between April and August, up from just 60 between September 2014 and March 2015. Nearly half of all approvals in the history of the FAA's program (as of August) were in July and August.
    • The trigger: The FAA's March decision to allow commercial drone users to obtain blanket authorizations to fly drones below 200 feet (during daylight hours, and outside of restricted airspace) through the Section 333 exemption process. Final rules for commercial drone use that could enable a wider set of applications (including drone delivery services such as Amazon's Prime Air) are expected by mid-2016.
    • Silk's data suggests a variety of industries have applied for exemptions: 28.1% of the exemptions were related to drone use for photo/video purposes, 18.4% for real estate, 14% for utilities/energy/infrastructure, and 10.6% apiece for agriculture and construction.
    • AeroVironment (NASDAQ:AVAV), which has been developing commercial UAVs to go with its core military offerings, is a potential beneficiary. As is video processor developer Ambarella (NASDAQ:AMBA), which received over 10% of its revenue from the drone market for the first time during the July quarter.
    • Update: Some other drone-related news: NBC News reports the government (on edge over recent close calls between drones and other aircraft) plans to require all purchased drones to be registered with the DOT.
    | Fri, Oct. 16, 4:34 PM | 5 Comments
  • Tue, Oct. 13, 10:54 AM
    • AeroVironment (AVAV +0.9%) has been awarded a firm-fixed-price contract from the U.S. Army totaling $18.5M to supply initial RQ-11B Raven unmanned aircraft systems to seven allied nations.
    • The Raven, designed for applications requiring low-altitude intelligence, surveillance and reconnaissance, is currently the most widely used drone system in the world.
    | Tue, Oct. 13, 10:54 AM | 2 Comments
  • Mon, Sep. 14, 12:26 PM
    • Piper's Troy Jenesen has upgraded AeroVironment (AVAV +1.8%) to Overweight after attending the UAS industry's InterDrone conference, and set a $28 target.
    • Jensen: "Following talks with multiple company executives, industry contacts and UAS users, we walked away from the conference incrementally more bullish about the UAS industry and specifically the Commercial UAS market. Despite the current regulatory environment, almost every company continues to see strong demand for UAS technology and the Section 333 Exemption process continues to represent an efficient pathway for Enterprises to use drones in a variety of industries."
    • He expects final FAA regulations for small drone to be released in mid-2016, and thinks broader investor interest in drones could propel AeroVionment higher. Jensen also argues shares are cheap at an 1.3x forward EV/sales ratio, and believes AeroVironment's military pipeline "should see solid growth over the next several years coupled with the company’s military growth initiatives which include Switchblade, DARPA Tern Project and International expansion."
    • The upgrade comes two weeks after AeroVironment tumbled in response to an FQ1 miss. Shares remain within a dollar of a 52-week low of $20.12.
    | Mon, Sep. 14, 12:26 PM | Comment!
  • Tue, Sep. 1, 5:39 PM
    | Tue, Sep. 1, 5:39 PM | Comment!
  • Tue, Sep. 1, 5:23 PM
    • AeroVironment (NASDAQ:AVAV) has fallen to $21.84 after hours following its FQ1 miss. Drone (UAS) division sales fell 2% Y/Y to $40.2M; EV charging system (EES) division sales fell 36% to $6.9M.
    • In spite of the FQ1 miss, AeroVironment is maintaining FY16 (ends April '16) revenue of $260M-$280M (consensus is at $269.4M) and gross margin of 36%-37.5%. A likely reason: Funded backlog totaled $89M at the end of FQ1, up 37% Y/Y.
    • Gross margin rose to 34% from 27% a year ago, and operating expenses rose 22% Y/Y to $25.1M. AeroVironment ended FQ1 with $261M in cash/investments, and no debt.
    • FQ2 results, PR
    | Tue, Sep. 1, 5:23 PM | Comment!
  • Tue, Sep. 1, 4:11 PM
    • AeroVironment (NASDAQ:AVAV): FQ1 EPS of -$0.24 misses by $0.09.
    • Revenue of $47.05M (-9.3% Y/Y) misses by $6.87M.
    • Shares +0.24%.
    • Press Release
    | Tue, Sep. 1, 4:11 PM | Comment!
  • Mon, Aug. 31, 5:35 PM
  • Mon, Aug. 24, 12:00 PM
    • Since May 1, AeroVironment (AVAV -2.6%) has received ten orders worth a combined $47.1M from the U.S. Army. The orders cover AeroVironment's RQ-11B Raven and RQ-20A Puma AE drones.
    • AeroVironment notes the Raven, used for low-altitude surveillance/recon missions, is "the most widely-used UAS in the world." The Puma is a smaller drone used for land-based and maritime operations.
    • AeroVironment's UAS division revenue rose 13% Y/Y in FQ4 (the April quarter) to $78.7M. FQ1 results arrive after the close on Sep. 1. Shares are lower (albeit off their early-morning lows) amid a broad market selloff.
    | Mon, Aug. 24, 12:00 PM | 2 Comments
  • Mon, Jul. 13, 11:03 AM
    • AeroVironment (NASDAQ:AVAV) is up 3.6% following presentations on an analyst day that led to a positive update note from Canaccord Genuity's Bobby Burleson.
    • Canaccord has a Hold rating on the shares with a $30 price target. Shares closed yesterday at $27.16 and are trading currently at $28.14.
    • "We view long-term growth opportunities for both commercial drones and charging products as positive," Burleson notes, "however higher spending creates uncertainty around results looking into fiscal 2016 prompting us to maintain a HOLD rating."
    • The analyst day featured presentations on the company's unmanned aircraft systems and EV charging systems segments as well as flight demos and a facility tour.
    • Previously: AeroVironment names tech vet its new CFO (Jul. 07 2015)
    | Mon, Jul. 13, 11:03 AM | Comment!
  • Tue, Jul. 7, 4:46 PM
    • Raymond Cook, formerly the CFO of chipmaker Silicon Image (recently acquired) and before that the CFO of SSD maker STEC (also acquired), has been named AeroVironment's (NASDAQ:AVAV) CFO, effective immediately.
    • Jikun Kim, AeroVironment's last full-time CFO, resigned in February to "pursue other business opportunities." Finance VP Teresa Covington has been serving as interim CFO since.
    | Tue, Jul. 7, 4:46 PM | Comment!
  • Wed, Jul. 1, 5:36 PM
    | Wed, Jul. 1, 5:36 PM | 8 Comments
  • Wed, Jul. 1, 12:49 PM
    | Wed, Jul. 1, 12:49 PM | 1 Comment
  • Wed, Jul. 1, 10:06 AM
    • AeroVironment (AVAV +7.1%) is up in early trade after heavily beating profit and revenue expectations.
    • "We continue to deliver certainty and reliability to our customers and remain the leader in electric vehicle testing, charging systems and small unmanned aircraft systems," said CEO Tim Conver.
    • For fiscal 2016, the company expects to generate revenue of between $260M-$280M and a gross profit margin of between 36%-37.5%. Planned increases in R&D and SG&A for Commercial UAS in fiscal 2016 may largely offset operating profit in the current fiscal year.
    • FQ4 results
    | Wed, Jul. 1, 10:06 AM | Comment!
  • Tue, Jun. 30, 4:12 PM
    • AeroVironment (NASDAQ:AVAV): FQ4 EPS of $0.32 beats by $0.14.
    • Revenue of $86.47M (+17.6% Y/Y) beats by $0.76M.
    • Shares -2.34%.
    • Press Release
    | Tue, Jun. 30, 4:12 PM | Comment!
  • Mon, Jun. 29, 5:35 PM
Company Description
AeroVironment Inc is engaged in the design, develop, produce, support and operate a technological portfolio of products and services. It supplies unmanned aircraft systems, UAS, tactical missile systems and related services within the US DoD.