AeroVironment (NASDAQ:AVAV) shares are trading lower after the company reported worse-than-expected fourth-quarter EPS and sales results. The company also issued 2023 guidance below analyst estimates.
The company reported fourth-quarter EPS of $0.30, which came in below the consensus estimate of $0.39. Revenue of $132.6 million also missed analyst estimates of $135.3 million.
For fiscal year 2023, the company sees revenue between $490 million and $520 million versus the $513.98 million consensus estimate. The company guided full year 2023 EPS of $1.35 to $1.65 versus the $1.75 consensus estimate.
Wahid Nawabi, AeroVironment president and chief executive officer, said, "During the quarter, the Company continued to face supply chain constraints and a tight labor market, but several factors point to strengthening demand and an overall improving outlook.”
AeroVironment Inc operates under a single business segment in which it supplies unmanned aircraft systems, tactical missile systems, high-altitude pseudo-satellites, and other related services to government agencies within the United States Department of Defense as well as the United States' allied international governments.
AVAV Price Action: AeroVironment, Inc. has traded between $52.03 and $114.11 over a 52-week period.
The stock was trading 7.05% lower at $75.95 per share on Wednesday at the time of publication.
