AeroVironment (AVAV) Earnings Good Enough; Some Bump in Guidance
While the heart of earnings season starts up in 2 weeks (already?) some names with non typical quarter ends (i.e. July instead of June) are out this week. We mentioned Monsanto (MON) this morning, Darden Restaurants (DRI) reported last night (not so great on guidance) along with Oracle (ORCL), Riverbed Technology (RVBD) and PMC Sierra (PMCS) tomorrow and a few others are also out there.
One small defense firm we still like is AeroVironment (AVAV) - unfortunately in the quest for 'reflation' or 'technology' stocks this name has sat ignored for a few months as the computers jump in and out of the hot trades... leaving names like this sitting in the dust. Up until today this stock has done nothing for 2 months. If AVAV can hold this 200 day it just broke out over, it might have a chance to actually begin working again.
AeroVironment put in
a number that was "good enough"
- Drone maker AeroVironment Inc (AVAV) posted quarterly results above market expectations, helped by strong sales at both its unmanned aircraft and energy systems businesses, and forecast an 18 to 22 percent growth for 2010 sales.
- Profit for the fourth quarter ending April 30 was $5.8 million, or 27 cents a share, compared with $6.4 million, or 30 cents a share, a year ago.
- Analysts on average expected earnings of 26 cents a share, before items, on revenue of $71.4 million, according to Reuters Estimates.
- Revenue rose 18 percent to $76 million. Sales at the unmanned aircraft segment rose 17 percent to $65.4 million and at the efficient energy systems segment jumped 28 percent to $10.6 million.
- "The U.S. government's recent commitments to increase the emphasis on soldier systems and intelligence, surveillance and reconnaissance within the Department of Defense, and electric vehicle infrastructure throughout the country, are positive indications of growing opportunities," the company said in a statement.
- For the full year, the company earned $24.2 million, or $1.11 per share, compared with profit of $21.4 million, or $1 per share. Revenue rose to $247.7 million from $215.7 million.
Guidance
- Looking ahead, the company expects revenue to grow between 18 percent and 22 percent in fiscal 2010, implying sales between $292.3 million and $302.2 million.
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