AeroVironment, Inc. just reported financial results for its third quarter ending January 28, 2012.
“As of the third quarter of fiscal year 2012 our revenue is up 15% and diluted earnings per share have grown by 50% compared to the same point last fiscal year,” said Tim Conver, AeroVironment chairman and chief executive officer. “Q3 performance would have been much higher but an administrative delay in customer acceptance pushed the delivery of about $20 million in Raven and Puma systems completed in Q3 into the first week of the fourth quarter.
Small UAS products and services, electric vehicle test and EV charging systems continue to demonstrate solid performance, Switchblade continues to gain traction with customers and our development programs continue to advance toward future adoption, supporting AeroVironment’s long-term growth objectives.”
Revenue for the third quarter of fiscal 2012 was $72.0 million, down 15% over third quarter fiscal 2011 revenue of $84.4 million. The decrease in revenue resulted from decreased sales in our Unmanned Aircraft Systems (UAS) segment of $14.5 million partially offset by increased sales in our Efficient Energy Systems (EES) segment of $2.0 million.
Income from operations for the third quarter of fiscal 2012 was $7.3 million, a decrease of $8.4 million from third quarter fiscal 2011 income from operations of $15.7 million. The decrease in income from operations resulted from lower gross margin of $6.7 million and higher selling, general and administrative (SG&A) expense of $2.3 million offset by lower research and development (R&D) expense of $0.6 million.
Net income for the third quarter of fiscal 2012 was $5.7 million, a decrease of $5.8 million from third quarter fiscal 2011 net income of $11.5 million.
Earnings per diluted share for the third quarter of fiscal 2012 were $0.26, a decrease of $0.26 from third quarter fiscal 2011 earnings per diluted share of $0.52.
FISCAL 2012 YEAR-TO-DATE RESULTS
Revenue for the first nine months of fiscal 2012 was $214.3 million, up 15% from the first nine months of fiscal 2011 revenue of $186.4 million. The increase in revenue resulted from increased sales in our UAS segment of $17.6 million and EES segment of $10.3 million.
Income from operations for the first nine months of fiscal 2012 was $17.3 million, an increase of $8.5 million from the first nine months of fiscal 2011 income from operations of $8.8 million. The increase in income from operations was caused by higher gross margin of $11.8 million and lower R&D expense of $0.9 million, partially offset by higher SG&A expense of $4.2 million.
Net income for the first nine months of fiscal 2012 was $12.7 million, an increase of $4.4 million from the first nine months of fiscal 2011 net income of $8.3 million.
Earnings per diluted share for the first nine months of fiscal 2012 were $0.57, an increase of $0.19 from the first nine months of fiscal 2011 earnings per diluted share of $0.38.
BACKLOG
As of January 28, 2012, funded backlog (unfilled firm orders for which funding is currently appropriated to us under a customer contract) was $85.5 million compared to $82.9 million as of April 30, 2011.
FISCAL 2012 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2012, the Company reiterates its revenue guidance of $321 million to $336 million, and earnings per share of $1.28 to $1.35 on a fully diluted basis.
Source: Wall Street Journal