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AeroVironment, Inc. Announces Fiscal 2020 Third Quarter Results
SIMI VALLEY, Calif.--(BUSINESS WIRE)-- AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its third quarter ended January 25, 2020.
About this update from Aerovironment, Inc.
[{"type":"text","content":" SIMI VALLEY, Calif.--(BUSINESS WIRE)--\nAeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its third quarter ended January 25, 2020.\n\n\n\nIncreased full year expectations for diluted earnings per share by $0.20 to between $1.55 and $1.75, and non-GAAP diluted earnings per share to between $1.67 and $1.87\n\n\nFiscal year-to-date revenue of $232 million, up 3 percent year-over-year\n\n\nFunded backlog of $126.0 million\n\n\n\n“The AeroVironment team delivered third quarter results consistent with our expectations, with revenue of $61.9 million, loss per diluted share of $0.04, and non-GAAP loss per diluted share of $0.01,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Revenue for the first three quarters grew three percent over last fiscal year to $232 million while we secured new international orders for our tactical UAS, achieved important milestones in our tactical missile systems and HAPS programs and laid the groundwork to execute our plan for the fourth quarter. We remain very well positioned to deliver on our fiscal 2020 commitments and continue to create value for our stockholders and customers.”\n\n\nFISCAL 2020 THIRD QUARTER RESULTS\n\n\nRevenue for the third quarter of fiscal 2020 was $61.9 million, a decrease of 18% from third quarter fiscal 2019 revenue of $75.3 million. The decrease in revenue was primarily due to a decrease in product sales of $13.6 million.\n\n\nGross margin for the third quarter of fiscal 2020 was $23.5 million, a decrease of 23% from third quarter fiscal 2019 gross margin of $30.4 million. The decrease in gross margin was primarily due to a decrease in product margin of $7.8 million, partially offset by an increase in service margin of $1.0 million. As a percentage of revenue, gross margin decreased to 38% from 40%. The decrease in gross margin percentage was primarily due to an increase in intangible asset amortization expense associated with our acquisition of Pulse Aerospace in June 2019 and a decrease in product revenue.\n\n\n(Loss) income from continuing operations for the third quarter of fiscal 2020 was a loss of $1.1 million, a decrease of 114% from third quarter fiscal 2019 income from continuing operations of $7.8 million. The decrease in income from continuing operations was primarily a result of a decrease in gross margin of $6.9 mil...