Why AeroVironment Shares Are Falling Today
AeroVironment (NASDAQ: AVAV), in the spotlight recently because Ukraine is using its drones in its war with Russia, reported its fiscal fourth-quarter results after the market closed Tuesday, and the numbers came up short of expectations. Its shares lost altitude as a result, trading down by as much as 10% on Wednesday morning.
AeroVironment is an up-and-comer in the usually staid world of defense contracting. The Pentagon has included the company's small unmanned aircraft (UAVs) in its aid packages to Ukraine, and by most accounts, the systems are performing well in combat.
But the company failed to meet Wall Street's expectations in its most recent quarter. For the period that ended April 30, AeroVironment said it earned $0.29 per share on revenue of $132.6 million. The consensus among analysts had been for a profit of $0.39 per share on revenue of $135 million.
Source Fool.com
