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.
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