AVAV AeroVironment Inc

Drone maker AeroVironment Inc. on Tuesday said it swung to a loss in its latest quarter and results fell well short of Wall Street expectations, with revenue slipping 22% as sales in the company's unmanned-aircraft-systems business fell.

For the company's fiscal second quarter, the unmanned-aircraft system business, which accounts for the vast majority of sales, saw sales fall some $15.8 million. For the quarter, the segment collected some $40.8 million in revenue.

Overall revenue fell 22% to $50.1 million.

Shares of the company fell 9.7% to $26.50 in after-hours trading.

For the current quarter, the company posted a downbeat forecast, expecting a per-share loss between 34 cents and 38 cents on revenue in the range of $50 million and $52 million.

Analysts surveyed by Thomson Reuters expect earnings of 24 cents on revenue of $75.65 million.

The company backed its previously released annual guidance of revenue between $260 million and $280 million with per-share earnings in the range of 20 cents to 35 cents. Analysts surveyed by Thomson Reuters expected revenue of $263.5 million with profit of 22 cents per share.

The Simi Valley, Calif., company makes unmanned-aircraft systems and rechargeable-battery technology for electric vehicles. AeroVironment's small unmanned-aircraft systems have been the main driver of its business. The company also aims to enter the market for commercial drone applications.

For the quarter ended Oct. 29, the company posted a loss of $4.2 million, or 18 cents a share, down from a profit of $4.4 million, or 19 cents a share, a year earlier.

Analysts surveyed by Thomson Reuters forecast a per-share loss of a penny on revenue of $52.2 million.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

December 06, 2016 19:55 ET (00:55 GMT)

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