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AeroVironment (AVAV) Q4 Earnings Miss Estimates, Sales Up Y/Y
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AeroVironment (AVAV - Free Report) reported earnings per share (EPS) of 99 cents in the fourth quarter of fiscal 2023, missing the Zacks Consensus Estimate of $1.02 per share by 2.9%. The company reported a significant improvement from earnings of the prior-year period.
For fiscal 2023, AeroVironment reported earnings of $1.26 per share compared with $1.06 per share reported in fiscal 2022. Earnings beat the Zacks Consensus Estimate by 0.8%.
Total Revenues
The company’s net sales increased 40% year over year to $186 million in the reported quarter. This was primarily driven by an increase in product sales of $67.6 million. Total sales surpassed the Zacks Consensus Estimate by 12%.
For fiscal 2023, AVAV reported total sales of $540.5 million, increasing 21% from the prior-year reported figure. Total sales beat the Zacks Consensus Estimate by 3.9%.
AeroVironment, Inc. Price, Consensus and EPS Surprise
Product Sales: Net revenues in this segment increased 91.3% to $141.5 million from the prior-year quarter’s $73.9 million.
Contract Services: The segment’s revenues amounted to $44.5 million in the fourth quarter, reflecting a decline of 24.1% year over year.
Backlog
At the end of the reported quarter, AeroVironment’s total funded backlog was $424.1 million, up 101.2% quarter over quarter.
AeroVironment reported a gross profit that increased 41% year over year to $68.4 million, primarily due to the higher product margin of $31.1 million.
Financial Details
As of Apr 30, 2023, AVAV’s cash and cash equivalents totaled $132.9 million compared with $77.2 million as of Apr 30, 2022. Cash flow used in operating activities was $11.4 million at the end of the fourth quarter of fiscal 2023 compared to cash outflow from operating activities of $9.6 million in the prior-year period.
AeroVironment reported long-term debt (net of current maturities) of $125.9 million as of Apr 30, 2023, down from $177.8 million as of Apr 30, 2022.
2024 Guidance
AeroVironment initiated its view for fiscal 2024. The company expects non-GAAP earnings in the range of $2.30-$2.60 per diluted share. The Zacks Consensus Estimate for fiscal 2024 earnings is pegged at $2.28 per share, lower than the midpoint of the company’s projected view.
AVAV’s revenue guidance lies in the range of $630-$660 million. The Zacks Consensus Estimate for fiscal 2024 revenues stands at $622.5 million, lower than the midpoint of the company’s guided range.
AeroVironment’s non-GAAP adjusted EBITDA is anticipated between $110 million and $120 million.
HEICO Corporation’s (HEI - Free Report) second-quarter fiscal 2023 EPS of 76 cents beat the Zacks Consensus Estimate of 72 cents by 5.6%. The bottom line also improved 22.6% from the prior-year period’s 62 cents.
The company’s net sales increased 28% year over year to $687.8 million in the reported quarter, primarily driven by an improvement in the commercial aerospace market. Total sales also beat the Zacks Consensus Estimate of $654 million by 5.1%.
Textron Inc. (TXT - Free Report) reported first-quarter 2023 adjusted earnings of $1.05 per share, which surpassed the Zacks Consensus Estimate of 95 cents by 10.5%. The bottom line also improved by 8.2% from the year-ago quarter’s figure.
Total revenues came in at $3,024 million, which missed the Zacks Consensus Estimate of $3,078 million by 1.8%. However, the reported figure increased 0.8% from the year-ago quarter’s $3,001 million.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the quarter under review, the company posted GAAP earnings of 50 cents per share compared with the prior-year quarter’s earnings of 21 cents.
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AeroVironment (AVAV) Q4 Earnings Miss Estimates, Sales Up Y/Y
AeroVironment (AVAV - Free Report) reported earnings per share (EPS) of 99 cents in the fourth quarter of fiscal 2023, missing the Zacks Consensus Estimate of $1.02 per share by 2.9%. The company reported a significant improvement from earnings of the prior-year period.
For fiscal 2023, AeroVironment reported earnings of $1.26 per share compared with $1.06 per share reported in fiscal 2022. Earnings beat the Zacks Consensus Estimate by 0.8%.
Total Revenues
The company’s net sales increased 40% year over year to $186 million in the reported quarter. This was primarily driven by an increase in product sales of $67.6 million. Total sales surpassed the Zacks Consensus Estimate by 12%.
For fiscal 2023, AVAV reported total sales of $540.5 million, increasing 21% from the prior-year reported figure. Total sales beat the Zacks Consensus Estimate by 3.9%.
AeroVironment, Inc. Price, Consensus and EPS Surprise
AeroVironment, Inc. price-consensus-eps-surprise-chart | AeroVironment, Inc. Quote
Segmental Performance
Product Sales: Net revenues in this segment increased 91.3% to $141.5 million from the prior-year quarter’s $73.9 million.
Contract Services: The segment’s revenues amounted to $44.5 million in the fourth quarter, reflecting a decline of 24.1% year over year.
Backlog
At the end of the reported quarter, AeroVironment’s total funded backlog was $424.1 million, up 101.2% quarter over quarter.
AeroVironment reported a gross profit that increased 41% year over year to $68.4 million, primarily due to the higher product margin of $31.1 million.
Financial Details
As of Apr 30, 2023, AVAV’s cash and cash equivalents totaled $132.9 million compared with $77.2 million as of Apr 30, 2022. Cash flow used in operating activities was $11.4 million at the end of the fourth quarter of fiscal 2023 compared to cash outflow from operating activities of $9.6 million in the prior-year period.
AeroVironment reported long-term debt (net of current maturities) of $125.9 million as of Apr 30, 2023, down from $177.8 million as of Apr 30, 2022.
2024 Guidance
AeroVironment initiated its view for fiscal 2024. The company expects non-GAAP earnings in the range of $2.30-$2.60 per diluted share. The Zacks Consensus Estimate for fiscal 2024 earnings is pegged at $2.28 per share, lower than the midpoint of the company’s projected view.
AVAV’s revenue guidance lies in the range of $630-$660 million. The Zacks Consensus Estimate for fiscal 2024 revenues stands at $622.5 million, lower than the midpoint of the company’s guided range.
AeroVironment’s non-GAAP adjusted EBITDA is anticipated between $110 million and $120 million.
Zacks Rank
AeroVironment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Defense Releases
HEICO Corporation’s (HEI - Free Report) second-quarter fiscal 2023 EPS of 76 cents beat the Zacks Consensus Estimate of 72 cents by 5.6%. The bottom line also improved 22.6% from the prior-year period’s 62 cents.
The company’s net sales increased 28% year over year to $687.8 million in the reported quarter, primarily driven by an improvement in the commercial aerospace market. Total sales also beat the Zacks Consensus Estimate of $654 million by 5.1%.
Textron Inc. (TXT - Free Report) reported first-quarter 2023 adjusted earnings of $1.05 per share, which surpassed the Zacks Consensus Estimate of 95 cents by 10.5%. The bottom line also improved by 8.2% from the year-ago quarter’s figure.
Total revenues came in at $3,024 million, which missed the Zacks Consensus Estimate of $3,078 million by 1.8%. However, the reported figure increased 0.8% from the year-ago quarter’s $3,001 million.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the quarter under review, the company posted GAAP earnings of 50 cents per share compared with the prior-year quarter’s earnings of 21 cents.