AeroVironment (AVAV) Restates Q1 Bookings Outlook

During AeroVironment's (Nasdaq: AVAV) fourth quarter fiscal year 2014 earnings conference call on Tuesday, July 8, 2014, management inadvertently misstated the company’s fiscal 2015 year-to-date bookings and fiscal 2015 revenue estimates.

Year-to-date bookings in the first quarter of fiscal year 2015 equaled $65 million (not $76 million as stated in the conference call). The correct fiscal 2015 revenue estimates are as follows:

Fourth quarter fiscal 2014 ending backlog that is executable in fiscal 2015 of $63 million (approximately 95% of fourth quarter ending backlog), various orders booked to date in the first quarter of fiscal 2015 of $65 million, incremental revenue to hold EES revenue flat year-over-year of $28 million, and finally, the balance of government fiscal 2014 U.S. Department of Defense appropriated procurement spending not yet booked of $7 million.

This adds up to $163 million, or 63% (not 67% as stated in the conference call) of the mid-point of our fiscal 2015 revenue guidance range.

You May Also Be Interested In

• Tesla touts acceleration of new models, but Q1 results fall short of estimates
• IDEX Corp. (IEX) Tops Q1 EPS by 13c ; Offers Guidance
• Baker Hughes Company (BKR) Tops Q1 EPS by 4c, Beats on Revenue