AeroVironment Inc., the Monrovia company that makes small spy drones and electric vehicle charging systems, posted second-quarter earnings of $8.7 million, or 39 cents a share, despite decreased sales of its robotic aircraft.
The results beat analysts’ average estimate of 23 cents a share.
In the same period last year the company had a profit of $6.6 million, or 30 cents a share.
AeroVironment is the Pentagon’s top supplier of small drones — including the Raven, Wasp and Puma models — that give troops on the ground a bird’s-eye view of what’s happening over a ridge or around a bend.
The company, which makes its drones in Simi Valley, said revenue decreased 0.1% to $80.3 million, compared with $80.4 million for the same quarter last year.
Drone sales for the quarter that ended Oct. 27 fell 2.2% to $65.4 million from $66.9 million in the same quarter last year.
But sales of the company’s charging systems for electric vehicles increased 10% to $14.8 million from $13.4 million a year earlier. In addition, the company said it spent $44.6 million, or 10% less than last year, on sales expenses. Read More