AeroVironment posts surprise Q2 profit, shares rise

Dec 7 (Reuters) – Drone maker AeroVironment Inc (AVAV.O) posted a surprise second-quarter profit, driven by growth at its unmanned aircraft systems and efficient energy systems segments, and backed its fiscal 2011 revenue growth forecast, sending its shares up 6 percent after market.

For the August-October quarter, the No. 1 supplier of small unmanned aerial vehicle (UAVs) to the U.S. military, reported net income of $262,000, or 1 cent a share, compared with $2.2 million, or 10 cents a share, a year ago.

Revenue rose 24 percent to $63.8 million.

Sales at the company’s unmanned aircraft systems segment rose 23 percent to $53.6 million, while efficient energy systems rose 33 percent to $10.2 million.

Analysts on average were expecting the company to post a loss of 6 cents a share, before special items, on revenue of $51.9 million, according to Thomson Reuters I/B/E/S.

The California-based AeroVironment still expects fiscal 2011 sales to grow 10-15 percent.

Shares of the company, which closed at $23.36 Tuesday on the Nasdaq, were trading at $24.64 after market. They have risen 13 percent since touching a year-low of $20.70 in June.