AeroVironment, Inc. (AVAV) Posts Q1 adj.-Loss of 14c/Share; Guides In-Line FY15 Revs

AeroVironment, Inc. (NASDAQ: AVAV) reported Q1 EPS of ($0.14), $0.03 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $51.9 million versus the consensus estimate of $50.7 million.

“Solid performance in our first quarter produced an 18 percent increase in revenue and 12 percent increase in gross profit on a year-over-year basis. These results, combined with 25 percent growth in funded backlog over the fourth quarter of fiscal 2014 and cash flow from operations of $14 million, demonstrate continued momentum across our businesses,” said Tim Conver, AeroVironment chairman and chief executive officer. “Strong bookings, which continue in the second quarter, provide us with greater visibility into full year revenue and strengthen our confidence in our financial outlook.”

“Responding to increased customer interest, this quarter we began the investments we announced in our first quarter to position AeroVironment for three large growth opportunities. We believe investing now in Commercial UAS, Tactical Missile Systems and Global Observer will position AeroVironment to lead when adoption accelerates and will generate significant value for our stockholders in the near- and long-term,” Conver added.

As of August 2, 2014, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $82.0 million compared to $65.9 million as of April 30, 2014.

AeroVironment, Inc. sees FY2015 revenue of $250 - $270 million, versus the consensus of $258.3 million.

For earnings history and earnings-related data on AeroVironment, Inc. (AVAV) click here.

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