AeroVironment narrows its loss for the fiscal 1st quarter to $3.4M; revenue misses estimates

AeroVironment narrows loss for fiscal 1Q

MONROVIA, Calif. — AeroVironment Inc., which makes small, unmanned aircraft for the military, said Thursday it narrowed its loss in the fiscal first quarter, as aircraft sales edged up but contract services revenue declined.

For May through July, AeroVironment said its net loss was $3.4 million, or 16 cents per share. In the year-ago quarter, the company’s net loss was $3.6 million, or 17 cents per share.

Analysts surveyed by Thomson Reuters forecast a net loss of 23 cents per share.

Revenue edged up just under 1 percent to $38.2 million from $37.9 million, less than the $39.2 million analysts predicted.

AeroVironment also makes electric vehicle charging systems.

The company reported product revenue rose 49 percent to $12.2 million. Contract services dropped 13 percent to $26 million.