By Kailyn Rhone
AeroVironment posted lower-than-expected profit in the second quarter due to higher operating expenses.
The unmanned aircraft systems and electric transportation solutions company on Wednesday posted a net profit of $7.5 million, or 27 cents a share, compared with $17.8 million, or 66 cents a share, a year earlier.
Adjusted earnings were 47 cents a share, below analysts' estimates of 76 cents a share, according a survey by FactSet.
Income from operations dropped to $7.0 million, compared with $25.2 million a year earlier. The company said the decline was due to an increase in selling, general and administrative expense of $9.8 million, including $2.5 million in acquisition related expenses and a $6.7 million research and development expense.
AeroVironment acquired defense-technology company BlueHalo in November in an all-stock deal with a value of around $4.1 billion to expand its offerings. The company issued around 18.5 million shares of its common stock to privately held BlueHalo, and the deal will result in AeroVironment shareholders owning 60.5% of the combined company.
Revenue rose 4% to $188.5 million from $180.8 million a year ago. Analysts polled by FactSet expected $181.8 million.
AeroVironment backed its previously issued guidance for revenue of $790 million to $820 million, and $3.18 to $3.49 in adjusted earnings per-share for fiscal 2025.
Shares fell 8% to $181.60 in after-hours trading. For the year shares are up 56%.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 04, 2024 17:00 ET (22:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。