Drone company AeroVironment drops up to 14% after earnings miss
AeroVironment, which supplies unmanned aircraft and related supplies to government agencies, went into a tailspin during after-hours trading Tuesday following an earnings miss. The company reported a fiscal first-quarter loss of $7 million, or 30 cents a share, on sales of $47.1 million; on average, analysts polled by FactSet expected a loss of 14 cents a share on sales of $53.9 million. The drone company's projection for the full fiscal year still seems to be on track with analysts' projections: AeroVironment said it expects sales in a range from $260 million to $280 million, while analysts expect revenues of $269.4 million. Shares fell as low as $20 in late trading after closing with a 2.8% decline at $23.38.
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