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BUSINESS
March 9, 2011 | By W.J. Hennigan, Los Angeles Times
Bolstered by an increase in sales of drones to the U.S. military, Monrovia-based AeroVironment Inc. posted a 76% profit gain in its fiscal third quarter. Earnings for the quarter that ended Jan. 29 rose to $11.5 million, or 52 cents a share, compared with $6.5 million, or 30 cents, a year earlier. Analysts on average had forecast a profit of 38 cents a share. The results were reported after the close of regular trading. AeroVironment shares closed at $28.61, up 36 cents. They rose in after-hours trading, at one point up about 12% at $31.98.
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BUSINESS
March 3, 2014 | By W.J. Hennigan
Boeing Co., the aerospace giant that makes fighter jets, airliners and satellites, is now looking at getting into the cell phone business. The Chicago company said it has developed an ultra-secure smartphone that's marketed toward U.S. defense and security communities. Few details have been released. What is known is the Boeing Black smartphone runs off an Android operating system, contains encrypted storage for sensitive data and has a self-destruct mode. If someone tries to pop open the device, it is automatically wiped of its data and made inoperable.
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BUSINESS
September 6, 2012 | By W.J. Hennigan, Los Angeles Times
AeroVironment Inc., the Monrovia company that makes small spy drones and electric vehicle charging systems, posted a first-quarter loss of $1.4 million, or 6 cents a share, brought on by decreased sales of its robotic aircraft. Analysts on average had forecast a loss of 3 cents a share. In the same period last year the company had a profit of $326,000, or 2 cents a share. AeroVironment is the Pentagon's top supplier of small drones — including the Raven, Wasp and Puma models — that give troops on the ground a bird's-eye view of what's happening over a ridge or around a bend.
BUSINESS
February 24, 2014 | By W.J. Hennigan
Major U.S. weapon makers watched their shares tick upward in trading Monday after the announcement of the Pentagon's budget plan. Defense Secretary Chuck Hagel outlined details on the fiscal 2015 budget request, which shielded large, big-ticket programs and slashed older weapon systems. Largely untouched by the budget plan is the F-35 Joint Strike Fighter made by Lockheed Martin Corp. The nearly $400-billion program to buy 2,400 of the jets has been under development for more than a decade.
BUSINESS
December 5, 2012 | By W.J. Hennigan, Los Angeles Times
AeroVironment Inc., the Monrovia company that makes small spy drones and electric vehicle charging systems, posted second-quarter earnings of $8.7 million, or 39 cents a share, despite decreased sales of its robotic aircraft. The results beat analysts' average estimate of 23 cents a share. In the same period last year the company had a profit of $6.6 million, or 30 cents a share. AeroVironment is the Pentagon's top supplier of small drones - including the Raven, Wasp and Puma models - that give troops on the ground a bird's-eye view of what's happening over a ridge or around a bend.
BUSINESS
March 5, 2013 | By W.J. Hennigan, Los Angeles Times
After posting paltry sales numbers for its third quarter and missing analysts' forecasts by more than half, Monrovia drone maker AeroVironment Inc.'s shares plummeted in after-hours trading. The company reported net income of $3.9 million, or 17 cents a share, for the quarter that ended Jan. 26. That is down $1.8 million from $5.7 million a year earlier. Analysts on average had forecast a gain of 37 cents a share. AeroVironment attributed the downturn to decreased sales of its robotic aircraft and its electric vehicle charging systems.
BUSINESS
September 8, 2011 | By W.J. Hennigan, Los Angeles Times
AeroVironment Inc., the Monrovia company that makes small hand-held drones for the Pentagon and charging systems for electric vehicles, swung to a profit in its first quarter, bolstered by a 62% increase in sales. The company Wednesday posted earnings for the quarter ended July 30 of $326,000, or 1 cent a share, compared with a loss of $3.4 million, or 16 cents, a year earlier. Analysts on average had forecast a profit of 1 cent a share. AeroVironment is the Pentagon's top supplier of small drones, which include the Raven, Wasp and Puma models.
BUSINESS
June 26, 2013 | By W.J. Hennigan, Los Angeles Times
Stung by a downturn in drone sales to the military, AeroVironment Inc. saw its revenue drop in half during the fourth quarter from a year earlier. The Monrovia company had revenue of $54.1 million, compared with $110.7 million in last year's fourth quarter. AeroVironment depends largely on funding from the Pentagon, which is winding down its presence in the Middle East and preparing for budget cuts. The company is the Pentagon's top supplier of small drones - including the Raven, Wasp and Puma models - that give troops on the ground a bird's-eye view of what's happening over a ridge or around a bend.
BUSINESS
June 27, 2012 | By W.J. Hennigan, Los Angeles Times
AeroVironment Inc., a Monrovia company that makes small hand-held drones for the Defense Department and charging systems for electric vehicles, posted a 1% profit gain in its fiscal fourth quarter, bolstered by an increase in sales. The company Tuesday reported net income of $17.8 million, or 80 cents a share, for the quarter ended April 30, compared with a profit of $17.6 million, or 79 cents, for the same period last year. The results beat expectations by industry analysts.
BUSINESS
June 26, 2010 | , Los Angeles Times
AeroVironment Inc. shares plunged Friday after the Monrovia-based robotic aircraft maker disclosed that it has been under investigation by the U.S. Justice Department since February. In a filing with the Securities and Exchange Commission, the company said that federal prosecutors have been probing its billing practices for government contracts dating back to fiscal 2006. It said the company "could be adversely affected by a negative audit or investigation by the U.S. government."
CALIFORNIA | LOCAL
January 8, 2014 | George Skelton, Capitol Journal
SACRAMENTO - You might think that testing robotic aircraft for future civilian use would be a quintessential California enterprise. But not if you're a U.S. senator from the state. The governor's not exactly a cheerleader for the idea, either. California, after all, is where test pilots with "the right stuff" first broke the sound barrier. The state had a huge role in developing the space shuttle. It has been home to a huge aircraft industry. And we have plenty of open airspace over deserts, mountains and ocean.
BUSINESS
November 26, 2013 | By W.J. Hennigan
Monrovia drone maker AeroVironment Inc. reported an 80% downturn in quarterly net income after a drop in military contracts for its small robotic aircraft. Net income for the 2014 second quarter was $1.7 million, or 7 cents a share. A year earlier, AeroVironment earned $8.7 million, or 40 cents. AeroVironment said revenue was $64.9 million in its fiscal first quarter. That's down 19.2% compared with $80.3 million last year. It is the fourth quarter in a row that revenue has dropped.
BUSINESS
August 27, 2013 | By W.J. Hennigan
For the third quarter in a row, Monrovia drone maker AeroVironment Inc. reported a sharp downturn in quarterly revenue after a drop in military contracts for its small robotic aircraft. The downbeat report comes as the company battles an upstart Newport Beach activist investment firm over how to improve market valuation. AeroVironment said revenue was $44.1 million in its fiscal first quarter. That's down 24.9% compared with $58.7 million last year. The lack of sales led to net loss of $7.2 million, or 32 cents a share.
AUTOS
July 9, 2013 | By Catherine Green
Nissan will outfit dealerships in 21 markets with fast electric car chargers to serve drivers of its Leaf. The DC quick charger is a significant upgrade to ChargePoint America's Level 2 stations, which can take about four hours to fully recharge the car. Level 1 charging -- plugging into a standard household outlet -- takes between eight and 16 hours. But the DC units are expected to get an electric car back up to 80% capacity within 30 minutes. Nissan is targeting “key markets” around the country.
BUSINESS
June 26, 2013 | By W.J. Hennigan, Los Angeles Times
Stung by a downturn in drone sales to the military, AeroVironment Inc. saw its revenue drop in half during the fourth quarter from a year earlier. The Monrovia company had revenue of $54.1 million, compared with $110.7 million in last year's fourth quarter. AeroVironment depends largely on funding from the Pentagon, which is winding down its presence in the Middle East and preparing for budget cuts. The company is the Pentagon's top supplier of small drones - including the Raven, Wasp and Puma models - that give troops on the ground a bird's-eye view of what's happening over a ridge or around a bend.
BUSINESS
April 4, 2013 | By W.J. Hennigan, Los Angeles Times
At the height of the wars in the Middle East, AeroVironment Inc. - a drone maker based in Monrovia - soared into the public limelight. In the last decade, AeroVironment became the Pentagon's top supplier of small drones. Its financial balance sheet prospered, its drones delivered results and its technology landed on the cover of Time magazine as one of the year's best inventions in 2011. But these days, not so much. Over the last month the company's shares have plummeted more than 18% as federal spending begins to dry up and the wars in Iraq and Afghanistan come to an end. It lowered its revenue guidance by nearly one-third, to $230 million to $250 million from $348 million to $370 million.
CALIFORNIA | LOCAL
July 2, 2011 | By Richard Winton, Los Angeles Times
Federal authorities have warned corporate executives at a Monrovia-based builder of small drone aircraft used in Afghanistan that they are among about 60 people targeted on an Al Qaeda-connected website. In the wake of the warning, AeroVironment and authorities in Monrovia have stepped up security at the company's corporate headquarters on West Huntington Drive. Homeland security sources familiar with the threat told The Times that people participating in a jihadist forum on the website named past and present members of U.S. military leadership and U.S. political figures as well as corporate executives.
BUSINESS
March 5, 2013 | By W.J. Hennigan, Los Angeles Times
After posting paltry sales numbers for its third quarter and missing analysts' forecasts by more than half, Monrovia drone maker AeroVironment Inc.'s shares plummeted in after-hours trading. The company reported net income of $3.9 million, or 17 cents a share, for the quarter that ended Jan. 26. That is down $1.8 million from $5.7 million a year earlier. Analysts on average had forecast a gain of 37 cents a share. AeroVironment attributed the downturn to decreased sales of its robotic aircraft and its electric vehicle charging systems.
CALIFORNIA | LOCAL
February 28, 2013 | By Patrick McGreevy
Anticipating the day when drones will be a routine sight in California skies, lawmakers have proposed tax breaks to encourage companies to build the unmanned aircraft in this state and restrictions to protect the public from invasions of privacy. The Federal Aviation Administration is working on guidelines to allow the widespread flying of small drones in U.S. airspace starting in 2015, anticipating that law enforcement agencies and others may have 10,000 of the aircraft flying five years later, The Times reported recently.
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