SIMI VALLEY, Calif. (AP) _ AeroVironment Inc. (AVAV) on Wednesday reported fiscal first-quarter profit of $17.1 million.
On a per-share basis, the Simi Valley, California-based company said it had profit of 71 cents. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, came to 74 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The maker of unmanned aircrafts posted revenue of $86.9 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $85.2 million.
AeroVironment expects full-year earnings in the range of $1.47 to $1.67 per share, with revenue in the range of $350 million to $370 million.
AeroVironment shares have fallen 22% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $52.76, a fall of 40% in the last 12 months.