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AeroVironment Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: December 5, 2012 09:08AM

AeroVironment Inc. (AVAV) filed Quarterly Report for the period ended 2012-10-27. Aerovironment, Inc. has a market cap of $454.4 million; its shares were traded at around $22 with a P/E ratio of 15.7 and P/S ratio of 1.4. Aerovironment, Inc. had an annual average earning growth of 6.3% over the past 5 years.



Highlight of Business Operations:

Cost of Sales. Cost of sales for the three months ended October 27, 2012 was $44.6 million, as compared to $49.7 million for the three months ended October 29, 2011, representing a decrease of $5.1 million, or 10%. As a percentage of revenue, cost of sales decreased from 62% for the three months ended October 29, 2011 to 56% for the three months ended October 27, 2012. UAS cost of sales decreased $4.4 million, or 11%, to $35.3 million for the three months ended October 27, 2012. As a percentage of revenue, cost of sales for UAS decreased from 59% to 54%, primarily due to higher absorption of manufacturing and engineering overhead support costs. EES cost of sales decreased $0.7 million, or 7%, to $9.4 million for the three months ended October 27, 2012. As a percentage of revenue, cost of sales for EES decreased from 75% to 63%, primarily due to lower manufacturing and engineering overhead support costs.

Gross Margin. Gross margin for the three months ended October 27, 2012 was $35.6 million, as compared to $30.6 million for the three months ended October 29, 2011, representing an increase of $5.0 million, or 16%. UAS gross margin increased $2.9 million, or 11%, to $30.2 million for the three months ended October 27, 2012. As a percentage of revenue, gross margin for UAS increased from 41% to 46%, primarily due to a higher mix of product deliveries compared to service-related contracts and higher absorption of manufacturing and engineering overhead support costs. EES gross margin increased $2.1 million, or 61%, to $5.5 million for the three months ended October 27, 2012. As a percentage of revenue, EES gross margin increased from 25% to 37%, primarily due to a decrease in the sales mix of lower margin products and higher absorption of manufacturing and engineering support overhead costs.

Revenue. Revenue for the six months ended October 27, 2012 was $139.0 million, as compared to $142.4 million for the six months ended October 29, 2011, representing a decrease of $3.4 million, or 2%. UAS revenue decreased $4.9 million, or 4%, to $114.2 million for the six months ended October 27, 2012, primarily due to decreased UAS service revenue of $16.0 million, offset by higher customer-funded R&D work of $9.2 million and product deliveries of $2.0 million. The decrease in UAS service revenue was primarily due to fewer retrofits of Raven B systems with our DDL technology. The increase in UAS customer-funded R&D revenue was primarily due to increased activity related to the Switchblade program. EES revenue increased by $1.5 million, or 6%, to $24.7 million for the six months ended October 27, 2012. The increase in EES revenue was primarily due to increased deliveries of industrial electric vehicle charging systems and passenger electric vehicle charging systems, offset by fewer deliveries of electric vehicle test equipment.

Cost of Sales. Cost of sales for the six months ended October 27, 2012 was $83.8 million, as compared to $90.0 million for the six months ended October 29, 2011, representing a decrease of $6.2 million, or 7%. As a percentage of revenue, cost of sales decreased from 63% for the six months ended October 29, 2011 to 60% for the six months ended October 27, 2012. UAS cost of sales decreased $3.7 million, or 5%, to $68.0 million for the six months ended October 27, 2012. As a percentage of revenue, cost of sales for UAS remained at 60%. EES cost of sales decreased $2.5 million, or 14%, to $15.8 million for the six months ended October 27, 2012. As a percentage of revenue, cost of sales for EES decreased from 79% to 64%, primarily due to a decrease in the sales mix of lower margin products and higher absorption of manufacturing and engineering support overhead costs.

Gross Margin. Gross margin for the six months ended October 27, 2012 was $55.1 million, as compared to $52.3 million for the six months ended October 29, 2011, representing an increase of $2.8 million, or 5%. UAS gross margin decreased $1.2 million, or 3%, to $46.2 million for the six months ended October 27, 2012 primarily due to lower sales volume. As a percentage of revenue, gross margin for UAS remained at 40%. EES gross margin increased $4.0 million, or 82%, to $8.9 million for the six months ended October 27, 2012. As a percentage of revenue, EES gross margin increased from 21% to 36%, primarily due to an increase in the sales mix of industrial electric vehicle charging systems and higher absorption of manufacturing and engineering support overhead costs.

Read the The complete Report



Stocks Discussed: AVAV,
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