AeroVironment Inc. (NASDAQ: AVAV) director Arnold L. Fishman this week bought 7,000 shares of AVAV common stock at $17.84 per share. Fishman made a total investment of $124,880. This is the first purchase made by Fishman in the last one year.
AVAV shares rose sharply in trading on Tuesday. The stock closed 1.82% higher at $18.45. However, year-to-date, AVAV shares have fallen more than 14.70% even as the S&P 500 posted gains of nearly 10%.
Based in Monrovia, California, AeroVironment operates in two segments; Unmanned Aircraft Systems (UAS) and Efficient Energy Systems (EES).
AVAV reported its financial results for the third quarter back in March. The company’s shares had fallen sharply following the release of quarterly results. AVAV’s results were hurt by government delays.
For the quarter, the company reported earnings of $3.9 million, or $0.17 per share, compared to $5.7 million, or $0.26 per share reported for the same period in the previous year. The company’s revenue for the quarter was $47.1 million, compared to $72 million reported for the same period in the previous year. The decline in revenue on a year-over-year basis was mainly due to lower sales in both its operating segments.
AeroVironment’s results for the quarter fell well short of consensus forecast. Analysts surveyed by FactSet were on average expecting the company to report earnings of $0.37 per share and revenue of $89.2 million.
AVAV also slashed its outlook for fiscal year 2013 following the disappointing quarterly results. The company now expects earnings for the full fiscal year to be between $0.30 per share and $0.50 per share. Revenue for the quarter is expected to be between $230 million and $250 million. Analysts had forecast the company’s earnings for fiscal 2013 at $1.45 per share and revenue at $352.5 million.
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