AeroVironment Inc (NASDAQ:AVAV) announced better-than-expected earnings in its fourth-quarter results but shares fell on disappointing guidance.
The tech reported earnings of US$0.77 per share on revenue of US$117.38mln compared with US$1.30 on revenue of US$115.72mln in the previous year’s fourth quarter.
The California-based company beat Wall Street estimates of US$0.54 EPS on revenue of $116.16mln.
For the full year, the company reported earnings of US$0.84 per share on revenue of US$271.05mln compared with US$0.54 EPS on revenue of US$228.94mln in the previous fiscal year.
Despite the earnings beat, the company fell short of analyst estimates in its yearly guidance.
For the year ahead, the company expects earnings per diluted share between US$1.10 and US$1.40. Revenue is forecast to be between US$290mln and US$310mln versus consensus estimates of US$337mln.
“As a repositioned, pure-play solutions company with significant growth opportunities across our Unmanned Aircraft Systems and Tactical Missile Systems businesses and record funded backlog of $174.3 million, we have entered Fiscal 2019 from a position of strength,” said CEO Wahid Nawabi in a press statement.
The company develops unmanned aircraft systems for commercial and military clients. Its tactical missile systems known as Switchblade is designed to minimize collateral damage, providing rapid-response force protection and precision strike capabilities of up to 10 kilometers from its launch location, according to the company.
AeroVironment also develops electric vehicle charging systems for commercial and home use. Its Efficient Energy Systems business was recently acquired by Webasto Group for US$35mln.
Shares of AeroVironment fell nearly 9% to US$56.76 in Wednesday pre-market trading.
--Updated to reflect yearly guidance and updates share price--