AeroVironment posts surprise loss

AeroVironment posts surprise loss of $3.6 million as customers wait for Raven upgrade

• On 6:19 pm EDT, Tuesday September 8, 2009

MONROVIA, Calif. (AP) -- AeroVironment Inc. surprised Wall Street with a fiscal first-quarter loss on Tuesday, and its shares fell in late trading.

The maker of unmanned aircraft said it lost $3.6 million, or 17 cents per share, during the quarter ended Aug. 1. A year earlier it reported a $4.8 million profit, or 22 cents per share, for the same period. Revenue fell 29.2 percent to $37.9 million from $53.6 million a year earlier.

Analysts surveyed by Thomson Reuters had been expecting a profit of 12 cents per share on revenue of $51.9 million.

The company said it was all part of its plan.

It said its fiscal 2010 "is developing in a manner that is consistent with our plans" and that it still expects revenue growth of 18 percent to 22 percent for the year. It said revenue was hurt by the deferral of Raven UAS deliveries because customers are waiting for new digital Raven systems and upgrade kits for existing aircraft, expected in the second half of the year.

"Low first quarter revenue, combined with maintaining our R&D and other spending to support our full year plan, resulted in a first quarter loss, but this was generally consistent" with its full-year plan, Chairman and CEO Tim Conver said.

AeroVironment shares had risen 88 cents, or 3 percent, to close at $30.42 before the results were released. They fell $1.07, or 3.5 percent, to $29.35 in late trading.

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