AeroVironment, Inc. (AVAV - Free Report) reported third-quarter fiscal 2019 earnings per share (EPS) from continuing operations of 35 cents, beating the Zacks Consensus Estimate of 14 cents by 150%. Earnings also improved by 37 cents from the year-ago quarter’s net loss per share of 2 cents.
Revenues of $75.3 million increased 38% on a year-over-year basis, driven by 26.8% improvement in product revenues to $50 million and improvement in service revenues of 66.6% to $25.3 million.
As of Jan 27, 2019, the company’s funded backlog was $132.5 million, up 17% year over year.
Gross margin for the third quarter of fiscal 2019 was 40%, up 700 basis points year over year.
Total operating expenses increased 24.7% to $22.55 million, thanks to 27.6% rise in selling, general and administrative expenses and 22.4% in research and development expenses.
Consequently, operating income for the first nine months of fiscal 2019 was $7.8 million, an increase from $0.2 million reported in the same period last year.
AeroVironment, Inc. Price, Consensus and EPS Surprise