Why AeroVironment Stock Is Plummeting Today
Shares of AeroVironment (NASDAQ: AVAV) are falling on Wednesday. The company's stock had lost 4.4% as of 2:05 p.m. ET but was down as much as 22.4% earlier in the day. The drop comes as the S 500 gained 0.7% and the Nasdaq composite gained 0.9%.
The defense contractor reported earnings yesterday that failed to meet Wall Street's expectations.
For its fourth quarter, AeroVironment delivered earnings per share (EPS) of $0.30 on sales of $167.6 million, with the latter down 10.2% year over year. Both figures were well off the mark for analyst estimates, with EPS missing by more than 50%.
Source Fool.com
