— AeroVironment Inc. (NASDAQ: AVAV) reported its second-quarter 2020 adjusted earnings of $0.34 per share versus $0.29 per share expected.
— Revenue grew by 14% to $83.3 million versus $81.01 million expected. This was due to an increase in product sales.
— Gross margin increased to 42% from 39% in the previous year quarter. This was due to an increase in the proportion of product revenue to total revenue and a favorable product mix.
— As of October 26, 2019, the funded backlog was $146.7 million compared to $163.9 million as of October 27, 2018.
— Looking ahead into fiscal 2020, the company still expects revenue in the range of $350-370 million. This is in line with the analysts’ expectation of $360.02 million.
— The company still predicts earnings of $1.35-1.55 per share and adjusted earnings of $1.47-1.67 per share for the full year. This is within the consensus estimates of $1.66 per share.