Aerospace systems company AeroVironment Inc. (AVAV), Tuesday reported a small profit for the fourth quarter as increased selling and other costs nearly offset a four percent growth in sales. Nevertheless, quarterly earnings easily topped Street expectations, while sales fell just shy of estimates.
Moving forward, AeroVironment, which makes unmanned aircraft systems, has forecast a strong outlook for the full year 2013, sending its shares up six percent in after-hours trade on the Nasdaq.
Monrovia, California-based AeroVironment reported fourth quarter net income of $17.8 million or $0.80 per share , compared to $17.6 million or $0.79 per share last year.
On average, 14 analysts polled by Thomson Reuters expected earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter totaled $110.7 million, compared to $106 million last year. Analysts expected revenue of $111.32 million for the quarter.
Unmanned Aircraft Systems revenue grew to $97.3 million from $90 million last year, while Efficient Energy Systems sales dropped to $13.3 million from $15 million a year ago.
As of April 30, 2012, funded backlog was $93.2 million, compared to $82.9 million last year.
For 2013, AeroVironment expects earnings of $1.41 to $1.51 per share on revenue of $348 million to $370 million. Analysts currently estimate earnings of $1.44 per share on revenue of $349.42 million for the year.
CEO Tim Conver said the company has boosted long-term prospects with new capabilities in both unmanned aircraft systems and efficient energy systems businesses.
AVAV closed Tuesday at $25.44, down $0.02 or 0.08%, on the Nasdaq. In after hours, the stock gained $1.55 or 6.09%.
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