AeroVironment Inc (NASDAQ:AVAV) shares are trading lower in Tuesday's after-hours session after the company reported worse-than-expected financial results.
AeroVironment reported first-quarter revenue of $132.6 million, which missed the estimate of $135.3 million, according to data from Benzinga Pro. The company reported quarterly earnings of 30 cents per share, which missed the estimate of 39 cents per share.
"We are confident that fiscal 2023 will be a solid organic growth year for the business," said Wahid Nawabi, president and CEO of AeroVironment.
AeroVironment said it expects full-year fiscal 2023 revenue to be between $490 million and $520 million versus the estimate of $513.98 million. The company expects full-year earnings to be between $1.35 and $1.65 per share versus the estimate of $1.75 per share. Full-year adjusted EBITDA is expected to be between $82 million and $92 million.
AVAV Price Action: AeroVironment has traded between $114.11 and $52.03 over a 52-week period.
The stock was down 6.87% at $76.10 at press time, according to data from Benzinga Pro.
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