AeroVironment Inc. (NASDAQ: AVAV) reported its first quarter earnings for the 2018 fiscal year and reported better expected results as shares reached an all time high.
AeroVironment reported an EPS loss of $0.19 per share, but still topping analyst expectations of a loss of $0.34 per share, as well as better than last year’s same quarter of a loss of $0.51. The company reported revenue of $43.8 million which slightly beat analyst expectations of $43.7 million. Revenue is up 21 percent from $36.2 million year over year.
The tech company said the increase in revenue resulted from an increase in sales in two of its products, the Unmanned Aircraft Systems (UAS) segment of $5.8 million and the Efficient Energy Systems (EES) segment of $1.8 million.
“The AeroVironment team successfully executed our plan in the first quarter, delivering $43.8 million in revenue, a 21 percent increase over first quarter fiscal 2017, and loss per share of $0.19, a 63 percent improvement over fiscal 2017,” said Wahid Nawabi, AeroVironment president and chief executive officer. “A nine percent increase in funded backlog enhances our visibility and positions us to deliver on our fiscal 2018 goals. We remain focused on making continued progress on our long-term growth initiatives as we work to deliver results, capitalize on opportunities and create value for customers, employees and stockholders.”
Although the company reported better than expected results, AeroVironment’s 2018 guidance remains the same.
The company expects revenue in between $280 million and $300 million and and an EPS of $0.45 to $0.65.