AeroVironment: Stay Patient If You Can
Wed, Dec. 7, 12:50 PM
Wed, Dec. 7, 12:46 PM
- 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.
Tue, Dec. 6, 4:15 PM
Mon, Dec. 5, 5:35 PM
Sun, Nov. 20, 4:30 AM
- "Given the outcome of the congressional election and learning more specifically who is (and isn’t) involved as space advisers, I anticipate a larger appetite for a change agenda and a better than expected potential to get at least some of their agenda accomplished," Lori Garver, former No.2 at NASA writes.
- Expected areas of change: i) NASA’s bureaucracy/infrastructure is much too large and expensive. ii) NASA shouldn’t be spending so much money on Earth sciences. iii) The Moon is a better and more important destination than Mars. iv) Entrepreneurial space should play a larger role in all aspects of space. v) Space activities cut across international, civil, military and commercial arenas and should be run out of the White House, by a National Space Council, reporting to Vice President Pence.
- She also takes a few parting shots at the departing administration: "NASA Administrator Charlie Bolden’s perceived lack of enthusiastic support of the White House agenda gave an opening to the opposition. Without a willingness to take on these special interests, the administration made a Faustian bargain to secure congressional support for Earth sciences, technology and commercial crew, in exchange for support of developing a large expendable rocket (the Space Launch System or SLS) and deep space capsule (Orion) for human spaceflight. While these parochial interests still exist, a Trump White House has the opportunity to more effectively defend its own agenda."
- Stocks potentially impacted: AVAV, B, BA, GLOB, HON, I, JEC, LMT, OTCPK:MDDWF, MOG.A, OA, SAIC, SPACE, T
Wed, Aug. 31, 12:45 PM
Tue, Aug. 30, 8:01 PM
- AeroVironment (NASDAQ:AVAV) headed south after hours, -12.1%, following fiscal Q1 earnings where it noted drone sales that continue to slide and a miss on top and bottom lines.
- Revenues tumbled 23% paced by declines in unmanned aircraft systems sales, along with a drop in efficient energy systems. Net loss widened to $11.6M from a year-ago loss of $7M.
- Funded backlog was $74.7M, vs. $65.8M at the end of last quarter.
- Revenue breakout: Product sales, $15.7M (down 40.9%); Contract services, $20.5M (up 0.3%). By segment: Unmanned Aircraft Systems, $30.5M (down 24.1%); Efficient Energy Systems, $5.7M (down 16.9%).
- For the full fiscal year, the company "remains committed" to revenues of $260M-$280M (vs. consensus for $270.3M) and EPS of $0.20-$0.35 (a wide berth encapsulating consensus for $0.29). "Seasonally low first quarter revenue, lower than planned bookings and significant international opportunities requiring export license approval contribute to greater execution challenges."
- Press Release
Tue, Aug. 30, 5:37 PM
Tue, Aug. 30, 4:11 PM
Mon, Aug. 29, 5:35 PM
Mon, Aug. 29, 3:41 AM
- New rules by the FAA go into effect today, clarifying what is acceptable commercial usage of small unmanned aerial vehicles.
- Drones must weigh less than 55 pounds, fly up to a maximum of 400 feet in altitude, at a speed of no more than 100 miles per hour and can only be operated during the day.
- According to industry estimates, the rules could generate more than $82B for the U.S. economy and create more than 100K new jobs over the next decade.
- Related stocks: AMBA, AMZN, AVAV, BA, DJI, OTCQX:DRNE, DPZ, HON, INVN, IXYS, GPRO, TRMB
Sat, Jul. 23, 1:08 PM
- 7-Eleven and drone delivery service upstart Flirtey announce that they have completed the first fully autonomous drone delivery to a customer's residence. The pair says the development will help advance research toward integrating drones into the National Airspace System.
- The drone delivery in the Reno area, which marked the first time a U.S. customer has received a package to their home via drone, included Slurpee drinks, a chicken sandwich, donuts, hot coffee, and candy.
- Looking ahead, the two companies have plans to expand drone delivery tests and work closely together, according to a top 7-Eleven exec.
- Drone watch: While there's some speculation on the ways that companies such as Amazon (NASDAQ:AMZN), Wal-Mart (NYSE:WMT), Walgreens Boots Alliance (NASDAQ:WBA), and Domino's Pizza (NYSE:DPZ) could use drone delivery, many industry watchers think emergency conditions (flood/forest fire/earthquake/medical) or niche situations (oil rigs/barrier islands/inaccessible roads) are the most likely scenarios for widespread drone action. Earlier this year, an article in the MIT Technology Review speculated that an intermediary dropping off point out such as the local Starbucks (NASDAQ:SBUX) store could be utilized instead of working out all the problems of home delivery.
- Related (directly and tangentially) stocks: AMBA, AVAV, DJI, OTCQX:DRNE, HON, INVN, IXYS, GPRO, TRMB, FDX, UPS, TGT.
Tue, Jun. 28, 4:55 PM
- AeroVironment (NASDAQ:AVAV) tripled earnings per share for its fiscal year, and it beat on profits in its fiscal Q4 results though EPS declined 25%.
- Revenue breakout: Product sales, $60M (down 4.7%); Contract services, $24.7M (up 5.5%).
- Gross margin was $37.9M (down 16% Y/Y as product margin fell $8.1M). Gross margin as a percentage of revenue fell to 45% from 52%.
- Funded backlog was $65.8M, vs. a year-ago $64.7M.
- For 2017, it's guiding to revenue of $260M-$280M (vs. $284.8M consensus), and EPS of $0.20-$0.35 (vs. $0.24 expected).
- Press Release
Tue, Jun. 28, 4:19 PM
Mon, Jun. 27, 5:35 PM
Tue, Jun. 21, 12:47 PM
- The Department of Transportation and the Federal Aviation Administration have issued final rules covering the use of drones in the U.S. Key points are that drones must weigh less than 55 pounds and remain within a pilot's line of sight. A maximum groundspeed of 100 mph is allowed and pilots are instructed not to fly under a covered structure. Other snippets are listed below.
- "Under the final rule, the person actually flying a drone must be at least 16 years old and have a remote pilot certificate with a small UAS rating, or be directly supervised by someone with such a certificate."
- "The TSA will conduct a security background check of all remote pilot applications prior to issuance of a certificate."
- "The FAA also will educate all commercial drone pilots on privacy during their pilot certification process; and will issue new guidance to local and state governments on drone privacy issues."
- Related (directly and tangentially) stocks: AMBA, AVAV, DJI, OTCQX:DRNE, DPZ, HON, INVN, IXYS, GPRO, TRMB, FDX, UPS, AMZN.