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Apr 30, 2023
AeroVironment Q4 2023 Earnings Report
AeroVironment reported a record fourth quarter revenue with a significant increase, but experienced a net loss due to a goodwill impairment charge related to the Medium UAS business.
Key Takeaways
AeroVironment reported record Q4 revenue of $186 million, a 40% increase year-over-year. However, the company experienced a net loss of $160.5 million, or $(6.31) per diluted share, compared to a net income of $7.3 million, or $0.29 per diluted share in the prior-year period. The net loss was primarily due to a $156.0 million goodwill impairment charge related to the Medium UAS (MUAS) business.
Record fourth quarter revenue of $186.0 million, up 40% year-over-year.
Goodwill impairment charge of $156.0 million related to the MUAS business impacted net income.
Funded backlog reached a record $424.1 million as of April 30, 2023.
Company expects revenue between $630 million and $660 million for fiscal year 2024.
AeroVironment
AeroVironment
Forward Guidance
For fiscal year 2024, the Company expects revenue of between $630 million and $660 million, net income of between $50 and $58 million, Non-GAAP adjusted EBITDA of between $110 million and $120 million, earnings per diluted share of between $1.91 and $2.21 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.30 and $2.60.
Positive Outlook
- Revenue expected to be between $630 million and $660 million.
- Net income expected to be between $50 million and $58 million.
- Non-GAAP adjusted EBITDA expected to be between $110 million and $120 million.
- Earnings per diluted share expected to be between $1.91 and $2.21.
- Non-GAAP earnings per diluted share expected to be between $2.30 and $2.60.
Challenges Ahead
- Estimates are forward-looking and reflect management’s view of current and future market conditions.
- Estimates are subject to risks and uncertainties.
- Ability to efficiently and on a timely basis integrate acquisitions.
- Ability to obtain and retain government contracts.
- Changes in the timing and/or amount of government spending.