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."
Nov. 26, 2014, 12:49 PM
Nov. 25, 2014, 5:42 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
Sep. 3, 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
Jul. 9, 2014, 12:47 PM
Jul. 8, 2014, 5:36 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
Jul. 8, 2014, 4:32 PM
May. 9, 2014, 5:57 PM
Mar. 4, 2014, 5:48 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
Feb. 7, 2014, 10:24 AM
- AeroVironment (AVAV +9.3%) and fellow UAV developer Lockheed Martin have signed a deal to "jointly pursue opportunities" for AeroVironment's Global Observer high-altitude/long endurance UAV.
- AeroVironment states Lockheed's systems integration expertise gives it the chance to "develop innovative, end-to-end atmospheric satellite systems built around Global Observer that deliver breakthrough capabilities."
- AeroVironment has surged to within striking distance of its 52-week high of $31.50. The company's UAV division sales were down 14% Y/Y (albeit up 59% Q/Q) during its October quarter, and accounted for 86% of revenue.
Nov. 27, 2013, 1:28 PM
- FBR Capital analyst Patrick McCarthy boosts his price target on AeroVironment (AVAV +7.8%) from $19 to $25 following solid Q2 results and six-month visibility. The firm stopped short of upgrading the shares and maintained a Market Perform rating.
- "We think the next year or so will continue to be volatile for Army-focused names, but the next two quarters, at least, for AVAV should be solid after it posted a strong - and highly customer-diversified - Q214 backlog number," McCarthy says.
- He continues: "Revenues in the quarter were also stronger than expected, and EPS - excluding a convertible investment the company made a few quarters ago - were also better than expected. With its strong balance sheet, significant backlog, and excellent visibility into the next two quarters, we think the wind is at AVAV's back in the near term."
Nov. 26, 2013, 5:17 PM
- AeroVironment (AVAV) ended FQ2 with a backlog of $133.8M. That's up from a mere $76.9M at the end of FQ1 and $59.4M a year ago, and is the second-highest quarterly figure reported by the company.
- The UAV/EV charging system maker is reiterating FY14 (ends April '14) guidance for revenue of $230M-$250M and EPS of $0.35-$0.50. The former is in-line with a consensus of $236.9M, but the latter is above a consensus of $0.28.
- UAV division sales (86% of revenue) totaled $56.1M, down 14% YY but up 59% Q/Q. EV charging division sales amounted to $8.8M, -1% Q/Q and -41% Y/Y.
- Gross margin was 36.8%, -740 bps Y/Y. SG&A spend -1% to $13.1M, R&D spend -29% to $6.9M.
- Shares are making new 52-week highs.
- FQ2 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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