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AeroVironment shares soar on outlook

The Associated Press

AeroVironment Inc. shares jumped Wednesday after the drone aircraft maker reported quarterly results and issued better-than-expected profit forecast for the year.

The company said Tuesday that it fiscal second-quarter net income fell to $1.7 million, or 7 cents per share, from $8.7 million, or 39 cents per share, last year. On an adjusted basis, it earned 14 cents per share in the most recent quarter, which ended in October. Its revenue slipped 19 percent to $64.9 million from $80.3 million on weaker sales in its unmanned aircraft systems and efficient energy systems segments.

Analysts polled by FactSet were anticipating earnings of 8 cents per share on revenue of $55.6 million for the period.

Looking ahead, AeroVironment said that it expects to earn between 35 and 50 cents per share for the full year on an adjusted basis, on revenue of $230 million to $250 million. Analysts were anticipating 34 cents per share on revenue of $236.9 million.

The company also reported that its backlog as of Oct. 26 totaled $133.8 million, up from $59.4 million as of April 30.

Shares of the Monrovia, Calif., company jumped 10 percent to $29.70 by late afternoon Wednesday. As of closing Tuesday, its shares are up nearly 24 percent for 2013.