Shares of defense and aerospace company AeroVironment (AVAV) - Get Report lost wind on Wednesday, tumbling in premarket trading after the company reported fiscal fourth-quarter earnings that were below analysts' forecasts.
AeroVironment said it earned $5.7 million, or 24 cents a share, vs. $16.8 million, or 70 cents a share, in the comparable year-ago period. Revenue fell 23% to $88 million, the company said. Analysts polled by FactSet had expected per-share earnings of 28 cents and sales of $82 million.
For the full year, AeroVironment posted net income of $47.4 million, or $1.74 a share, compared to $17.9 million, or 91 cents a share, in 2018.
For fiscal 2020, the company said it expects earnings of between $1.35 and $1.55 a share on revenue of $350 million to $370 million. AeroVironment expects adjusted profit in the period of between $1.47 and $1.67 a share.
Shares of AeroVironment opened down 2.14% at 60 on the Nasdaq Stock Market.
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