AeroVironment, Inc. (NASDAQ: AVAV) has reported financial results for its first quarter ended July 29, 2017, the company said.
Revenue for the first quarter of fiscal 2018 was USD 43.8 million, an increase of 21% from first quarter fiscal 2017 revenue of USD 36.2 million. The increase in revenue resulted from an increase in sales in our Unmanned Aircraft Systems (UAS) segment of USD 5.8 million and an increase in sales in our Efficient Energy Systems (EES) segment of USD 1.8 million.
Gross margin for the first quarter of fiscal 2018 was USD 11.6 million, an increase from first quarter fiscal 2017 gross margin of USD 6.7 million. The increase in gross margin was primarily due to an increase in product margin of USD 6.4 million, partially offset by a decrease in service margin of USD 1.4 million. As a percentage of revenue, gross margin increased to 27% from 18%. The increase in gross margin percentage was primarily due to a decrease in warranty related costs and an increase in the proportion of product sales to total revenue.
Loss from operations for the first quarter of fiscal 2018 was USD 8.2 million compared to first quarter fiscal 2017 loss from operations of USD 15.6 million. The decrease in the year over year loss from operations was primarily a result of an increase in gross margin of USD 4.9 million and a decrease in research and development (R&D) expense of USD 2.1 million.
Other income, net, for the first quarter of fiscal 2018 was USD 0.5 million compared to other income, net of USD 0.1 million for the first quarter of fiscal 2017.
Benefit for income taxes for the first quarter of fiscal 2018 was USD 3.2 million compared to a benefit for income taxes of USD 3.9 million for the first quarter of fiscal 2017. The decrease in benefit for income taxes was primarily due to a decrease in loss before income taxes, partially offset by an increase in the full year estimated effective tax rate. The quarter ended July 29, 2017 included a discrete income tax benefit of USD 1.0 million for excess tax benefits arising from vesting of restricted stock awards and stock option exercises.
Net loss attributable to AeroVironment for the first quarter of fiscal 2018 was USD 4.4 million compared to net loss for the first quarter of fiscal 2017 of USD 11.6 million.
Loss per share for the first quarter of fiscal 2018 was USD 0.19 compared to loss per share for the first quarter of fiscal 2017 of USD 0.51.
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global provider of unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers.