AeroVironment, Inc. (AVAV) reported that net income for the fourth quarter of fiscal 2012 was $17.8 million, an increase of $0.2 million from fourth quarter fiscal 2011 net income of $17.6 million. Earnings per share for the fourth quarter were $0.80, an increase of $0.01 from fourth quarter fiscal 2011 earnings per share of $0.79. Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
Income from operations for the fourth quarter of fiscal 2012 was $25.7 million, an increase of $0.5 million from fourth quarter fiscal 2011 income from operations of $25.2 million. The company said that the increase in income from operations resulted from higher gross margin of $0.3 million and lower research and development expense of $3.9 million offset by higher selling, general and administrative expense of $3.7 million.
Revenue for the fourth quarter of fiscal 2012 was $110.7 million, up 4% over fourth quarter fiscal 2011 revenue of $106.1 million. Twelve analysts had consensus revenue estimate of $111.32 million for the quarter. The increase in revenue resulted from increased sales in our Unmanned Aircraft Systems segment of $6.4 million offset by decreased sales in our Efficient Energy Systems segment of $1.8 million.
For fiscal year 2013, the Company expects to generate revenue of $348 million to $370 million, and earnings per share of $1.41 to $1.51 on a fully diluted basis. Analysts expect the company to report earnings of $1.44 per share on revenues of $349.42 million for fiscal 2013.
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