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AeroVironment beats Street 2Q forecasts

MONROVIA, Calif. (AP) _ AeroVironment Inc. (AVAV) on Tuesday reported fiscal second-quarter net income of $7 million, after reporting a loss in the same period a year earlier.

The Monrovia, California-based company said it had net income of 29 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.

The maker of unmanned aircrafts posted revenue of $73.8 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $63.9 million.

AeroVironment expects full-year earnings to be 45 cents to 65 cents per share, with revenue in the range of $280 million to $300 million.

AeroVironment shares have increased 61 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.25, a climb of 51 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVAV at https://www.zacks.com/ap/AVAV