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, 4:11 PM
Mon, Aug. 31, 5:35 PM
Tue, Jun. 30, 4:12 PM
Mon, Jun. 29, 5:35 PM
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."
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
Tue, Mar. 3, 4:28 PM
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
Nov. 25, 2014, 4:37 PM
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
Sep. 3, 2014, 4:36 PM
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
AVAV vs. ETF Alternatives
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.
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