AeroVironment Q1 2016 revenue down 9%

AeroVironment, Inc. (NASDAQ: AVAV) said its revenue for the first quarter of fiscal 2016 was USD47.1 million, down nine percent from first quarter fiscal 2015 revenue of USD51.9 million.

The decrease in revenue resulted from a decrease in sales in Efficient Energy Systems (EES) segment of USD3.8 million and a decrease in sales in Unmanned Aircraft Systems (UAS) segment of USD1.0 million, the company said.

Gross margin for the first quarter of fiscal 2016 was USD16.0 million, up 14 percent from first quarter fiscal 2015 gross margin of USD14.1 million. The increase in gross margin was due to an increase in service margin of USD4.1 million offset by a decrease in product margin of USD2.1 million. As a percentage of revenue, gross margin increased to 34 percent from 27 percent.

Loss from operations for the first quarter of fiscal 2016 was USD9.1 million compared to loss from operations for the first quarter of fiscal 2015 of USD6.5 million. The increase in loss from operations was a result of an increase in research and development (R&D) of USD2.7 million and in selling, general & administrative (SG&A) expense of USD1.9 million, offset by an increase in gross margin of USD2.0 million.

AeroVironment is a technology solutions provider that designs, develops, produces, supports and operates an advanced portfolio of Unmanned Aircraft Systems (UAS) and electric transportation solutions.