3/10/2010-Shares of AeroVironment (NASDAQ:AVAV) are trading 6.2% lower to $22.36 Wednesday after the maker of U.S. military spyplanes reported fiscal Q3 EPS of 30 cents, ex-items, missing consensus estimates of 32 cents.
The company also lowered its 2010 revenue forecast to between $240 million and $250 million, versus consensus estimates of $290.7 million.
Tim Conver, AV chairman and CEO, commented, "In the third quarter, our team increased production of digital Raven systems and digital retrofit kits to satisfy customer demand, and made progress positioning our major development programs for eventual adoption. The quarter produced 18% sequential growth over the second quarter, even though severe weather conditions limited acceptance testing of many Raven systems and the sales those systems would have generated. Continued weakness in the capital equipment markets for our EES products and delays in orders for Puma and Wasp unmanned aircraft systems also adversely impacted the quarter."
Keywords: AeroVironment Stock earnings Revenue forecast smartrend
Ticker(s): AVAV
