(AeroVironment) Shares of AeroVironment Inc. fell more than 25% on Tuesday after the company said it expects a lower revenue of between $440 million and $460 million in the financial year 2022.
The company’s revenue outlook reflected headwinds emanating from continuing supply chain bottlenecks, and Covid-19 induced longer procurement cycles. The company also cites management challenges in Washington due to unresolved budget uncertainties and staff shortages.
The company said its revenues in the second quarter rose by 32% from the prior year to reach $122 million. Service revenue rose by $23.9 million, while product sales were up $5.5 million.
Gross margin in the second quarter increased by 4% to $42.5 million, with service margins hitting $0.9 million, while product margin was $0.7 million.
Net income attributable to the company was $2.5 million or $0.10 per diluted share, up from $2.1 million or $0.09 per diluted share in the comparable quarter of fiscal 2021.
AeroVironment projects a net loss of between $12 million and $8 million in its FY22 results and non-GAAP adjusted EBITDA of $59 million and $65 million.
AVAV: NASDAQ is down -25.79%.
