AeroVironment, Inc. (NASDAQ:AVAV) stock rose 4.83% (As on June 28, 11:20:47 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 23. At the end of the reported quarter, AeroVironment’s total funded backlog was $424.1 million, up 101.2% quarter over quarter. AeroVironment reported a gross profit that increased 41% year over year to $68.4 million, primarily due to the higher product margin of $31.1 million. As of Apr 30, 2023, AVAV’s cash and cash equivalents totaled $132.9 million compared with $77.2 million as of Apr 30, 2022. Cash flow used in operating activities was $11.4 million at the end of the fourth quarter of fiscal 2023 compared to cash outflow from operating activities of $9.6 million in the prior-year period. AeroVironment has reported long-term debt (net of current maturities) of $12.

AVAV in the fourth quarter of FY 23 has reported the adjusted earnings per share of 99 cents, missing the analysts’ estimates for the adjusted earnings per share of $1.02. The company had reported the adjusted revenue growth of 40 percent to $186 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue by 12%. This reflects higher product sales of $67.6 million, partially offset by lower service revenue of $14.1 million. From a segment standpoint, the change year-over-year was primarily due to growth in Small UAS (“SUAS”) of $35.4 million and Tactical Missile Systems (“TMS”) of $22.3 million, partially offset by a $14.7 million decline in Medium UAS (“MUAS”) revenue. Loss from operations for the fourth quarter of fiscal 2023 was $165.7 million as compared to income from operations of $13.0 million for the fourth quarter of last fiscal year. The decrease year-over-year was primarily due to the goodwill impairment of $156.0 million recorded during the fourth quarter of fiscal 2023 related to MUAS, higher selling, general and administrative (“SG&A”) expense of $39.7 million.

AeroVironment initiated its view for fiscal 2024. The company expects non-GAAP earnings in the range of $2.30-$2.60 per diluted share. The Zacks Consensus Estimate for fiscal 2024 earnings is pegged at $2.28 per share, lower than the midpoint of the company’s projected view. AVAV’s revenue guidance lies in the range of $630-$660 million. The Zacks Consensus Estimate for fiscal 2024 revenues stands at $622.5 million, lower than the midpoint of the company’s guided range. AeroVironment’s non-GAAP adjusted EBITDA is anticipated between $110 million and $120 million.