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AeroVironment, Inc. (AVAV) swung to a net loss for the quarter ended Oct. 29, 2016. The company has made a net loss of $4.17 million, or $ 0.18 a share in the quarter, against a net profit of $4.42 million, or $0.19 a share in the last year period. On an adjusted basis, loss per share was at $0.18 for the quarter compared with a profit of $0.19a share in the same period last year.
Revenue during the quarter dropped 22.58 percent to $50.12 million from $64.73 million in the previous year period. Gross margin for the quarter contracted 1396 basis points over the previous year period to 34.75 percent. Operating margin for the quarter stood at negative 8.95 percent as compared to a positive 10.66 percent for the previous year period.
Operating loss for the quarter was $4.49 million, compared with an operating income of $6.90 million in the previous year period.
"Strong order flow in the second quarter increased funded backlog by 60 percent, sequentially, to $119.6 million, supporting our full year objectives," said Wahid Nawabi, AeroVironment chief executive officer. "Second quarter results are in-line with our previously stated forecast and we have made significant progress executing against our strategic objectives."
For the third-quarter, Aerovironment projects revenue to be in the range of $50 million to $52 million. The company forecasts diluted loss per share to be in the range of $0.34 to $0.38.
For financial year 2017, Aerovironment projects revenue to be in the range of $260 million to $280 million. The company forecasts diluted earnings per share to be in the range of $0.20 to $0.35.
Operating cash flow remains negative
AeroVironment, Inc. has spent $6.28 million cash to meet operating activities during the first half as against cash outgo of $22.91 million in the last year period.
The company has spent $29.20 million cash to meet investing activities during the first half as against cash inflow of $10.77 million in the last year period
Cash flow from financing activities was $0.07 million for the first six months as against cash outgo of $3.24 million in the last year period.
Cash and cash equivalents stood at $88.88 million as on Oct. 29, 2016, down 30.58 percent or $39.16 million from $128.03 million on Oct. 31, 2015.
Working capital declines
AeroVironment, Inc. has witnessed a decline in the working capital over the last year. It stood at $274.49 million as at Oct. 29, 2016, down 5.26 percent or $15.24 million from $289.72 million on Oct. 31, 2015. Current ratio was at 7.97 as on Oct. 29, 2016, down from 10.17 on Oct. 31, 2015.
Cash conversion cycle (CCC) has increased to 93 days for the quarter from 91 days for the last year period. Days sales outstanding went up to 43 days for the quarter compared with 40 days for the same period last year.
Days inventory outstanding has increased to 77 days for the quarter compared with 66 days for the previous year period. At the same time, days payable outstanding went up to 26 days for the quarter from 16 for the same period last year.
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