Aerovironment (AVAV) is pushing higher in after hours trading after beating both EPS and revenue estimates by a small margin.  While EPS came in 10% lower than the year ago quarter, it did beat analyst estimates by a penny a share.  Revenues increased 18% over the year ago quarter and also beat estimates (by about 5%).  The company attributed the revenue increase to stronger sales in the Unmanned Aircraft Systems (up $9.4 million) and Efficient Energy Systems (up $2.3 million) divisions.  The company’s backlog increased to $114.8 million from $82 million a year ago.

Looking ahead, the company expects revenue growth of 18 – 22% for 2010 and operating income margins of 12 – 14%.

Said CEO Tim Conver: “Our development programs, Global Observer, Switchblade, Digital Data Link, and electric vehicle solutions, all moved forward in meaningful ways, positioning us well for delivering more, important solutions to our customers and for long term growth. We, like others, were affected by the global economic downturn. However, the U.S. government’s recent commitments to increase the emphasis on soldier systems and intelligence, surveillance and reconnaissance within the Department of Defense, and electric vehicle infrastructure throughout the country, are positive indications of growing opportunities for the innovative solutions we now provide and are developing in both our segments.”

While the unmanned surveillance drones are the bread and butter for AVAV currently, keep an eye on the roll out of the PosiCharge electric car charging stations biz.  The company just announced a deal with Nissan and the District of Columbia to set up an infrastructure in DC.

Technically, AVAV is still sick and recovering after the big sell off following their last earnings report.  There will be big resistance in the area around 30, but a move above that level would create a more bullish picture for the stock.

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