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AeroVironment, Inc. (AVAV)

- NASDAQ
  • Wed, Mar. 4, 2:27 PM
    • Up AH yesterday after missing FQ3 revenue estimates, beating EPS estimates, and reiterating FY15 guidance, AeroVironment (NASDAQ:AVAV) is now off sharply. Shares are less than $1 above a 52-week low of $24.73.
    • On the CC (transcript), CEO Tim Conver stated AeroVironment doesn't expect a decision regarding a Phase III contract  for DARPA's TERN program until FY16; AeroVironment won a $19M Phase II TERN contract for a maritime UAV system last October.
    • A couple of analysts quizzed the company in the Q&A about R&D spending, which is currently behind plan. Conver: "We're trying to play catch up in Q4."
    • SA author AtonRa Partners likes the FQ3 numbers, albeit while cautioning FY16 "could be another transition year with limited revenue momentum and still high R&D investments pressuring earnings," given major new projects aren't expected to contribute meaningfully in the near-term. "[W]e are confident AeroVironment will build a leading position over the years in commercial drones. But admittedly, the short term is likely to remain unexciting."
    | Comment!
  • Tue, Mar. 3, 5:24 PM
    • In spite of its FQ3 revenue miss, AeroVironment (NASDAQ:AVAV) is reiterating FY15 (ends April '15) revenue guidance of $250M-$270M; consensus is at $258.2M.
    • Funded backlog at the end of FQ3 was $89.3M, down from $125.2M at the end of FQ2 (seasonality) and $95.5M a year earlier.
    • Driving the EPS beat: Gross margin was 39%; up from FQ2's 34% and flat Y/Y; by contrast GM fell 300 bps Y/Y in FQ2. GAAP SG&A spend rose by $100K Y/Y to $13.3M; R&D rose by $3.4M to $8.6M.
    • UAV division revenue rose 1% Y/Y to $58M; EV charging division revenue fell 12% to $10.4M.
    • AVAV +1.6% AH to $28.55.
    • FQ3 results, PR
    | Comment!
  • Tue, Mar. 3, 4:28 PM
    • AeroVironment (NASDAQ:AVAV): FQ3 EPS of $0.10 beats by $0.04.
    • Revenue of $68.4M (-1.2% Y/Y) misses by $1.11M.
    • Press Release
    | Comment!
  • Mon, Mar. 2, 5:35 PM
  • Nov. 25, 2014, 5:37 PM
    • AeroVironment (NASDAQ:AVAV) still expects FY15 (ends April '15) revenue of $250M-$270M (in-line with a $258.6M consensus) and gross margin of 34.5%-37.5%.
    • Funded backlog totaled $125.2M at the end of FQ2, up from $82M at the end of FQ1 but down from $133.8M a year earlier.
    • UAV division revenue fell 23% Y/Y to $43M; EV charging division revenue rose 9% to $9.6M.
    • Gross margin fell to 34% from 37%. GAAP SG&A spend rose 3% Y/Y to $13.5M; R&D spend rose 24% to $8.5M.
    • FQ2 results, PR
    | Comment!
  • Nov. 25, 2014, 4:37 PM
    • AeroVironment (NASDAQ:AVAV): FQ2 EPS of -$0.13 misses by $0.02.
    • Revenue of $52.67M (-18.8% Y/Y) misses by $1.97M.
    • Press Release
    | Comment!
  • Nov. 24, 2014, 5:35 PM
  • Sep. 3, 2014, 5:20 PM
    • AeroVironment (NASDAQ:AVAV) is reiterating guidance for FY15 (ends April '15) revenue of $250M-$270M; consensus is at $258.3M. Gross margin guidance of 34.5%-37.5% is also affirmed.
    • In spite of 18% Y/Y revenue growth, gross margin fell 110 bps in FQ1 to 27.2%, pressuring EPS. AeroVironment says a contract termination cost settlement and higher service contract costs took a toll.
    • Funded backlog totaled $82M at the end of FQ1, up from $65.9M at the end of FQ4 and $76.9M a year ago.
    • FQ1 UAV division sales +17% Y/Y to $41.2M; EV charging system division sales +20% to $10.7M. GAAP SG&A spend +7% Y/Y to $13.4M; R&D spend -1% to $7.1M.
    • FQ1 results, PR
    | Comment!
  • Sep. 3, 2014, 4:36 PM
    • AeroVironment (NASDAQ:AVAV): FQ1 EPS of -$0.18 misses by $0.09.
    • Revenue of $51.9M (+17.6% Y/Y) beats by $1.2M.
    • Shares -4.87% AH.
    • Press Release
    | Comment!
  • Sep. 2, 2014, 5:35 PM
  • Jul. 8, 2014, 4:50 PM
    • AeroVironment (AVAV) expects FY15 (ends April '15) revenue of $250M-$270M; the midpoint is favorable to a $256.2M consensus.
    • Gross margin is forecast to be in a range of 34.5%-37.5% vs. 37.2% in FY14, and the company says planned R&D and business development spending hikes in support of various programs "may largely offset operating profit."
    • Funded backlog totaled $65.9M at the end of FQ4, down from $95.5M at the end of FQ3 (seasonality played a role) but up from $59.4M a year earlier.
    • UAV division sales +41% Y/Y to $60M vs. 53% growth in FQ3. EV charging system division sales +15% to $13.5M vs. +24% in FQ3. Product sales +47% to $33.2M, contract services -27% to $10.1M.
    • SG&A spend rose 19% to $17M, while R&D spend fell 34% to $6.2M.
    • The company thinks it now has "greater visibility into the timing of meaningful adoption" for its Tactical Missile System, commercial UAV, and Global Observer programs.
    • FQ4 results, PR
    | 1 Comment
  • Jul. 8, 2014, 4:32 PM
    • AeroVironment (AVAV): Q4 EPS of $0.27 beats by $0.04.
    • Revenue of $73.5M (+35.8% Y/Y) beats by $3.88M.
    • Shares +6.36% AH.
    • Press Release
    | Comment!
  • Jul. 7, 2014, 5:35 PM
  • Mar. 4, 2014, 4:54 PM
    • AeroVironment (AVAV) is reiterating FY14 (ends in April) guidance for revenue of $230M-$250M and EPS of $0.35-$0.50; the consensus is at $246.3M and $0.27.
    • The UAV maker ended FQ3 with a backlog of $95.5M, down 29% Q/Q (seasonality is a factor) but up 61% Y/Y.
    • UAV division sales +2% Q/Q and +53% Y/Y to $57.5M. EV charging system division sales +33% Q/Q and +24% Y/Y to $11.7M.
    • Total product revenue soared 143% Y/Y to $57M. Contact services revenue fell 48% to $12.2M.
    • Gross margin rose 240 bps Q/Q and fell 260 bps Y/Y to 39.2%. Sales/marketing spend rose 27% to $13.2M, while R&D spend was nearly cut in half to $5.2M.
    • FQ3 results, PR
    | 2 Comments
  • Mar. 4, 2014, 4:26 PM
    • AeroVironment, Inc. (AVAV): FQ3 EPS of $0.34 beats by $0.15.
    • Revenue of $69.2M (+47.0% Y/Y) beats by $4.24M.
    • Press Release
    | Comment!
  • Mar. 4, 2014, 12:10 AM
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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.