AeroVironment (NASDAQ:AVAV) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
AeroVironment (NASDAQ:AVAV) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Last week's profit announcement from AeroVironment, Inc. (NASDAQ:AVAV) was underwhelming for investors, despite headline numbers being robust. Our analysis uncovered some concerning factors that we believe the market might be paying attention to.
儘管頭條數字強勁，但AeroVironment公司（納斯達克：AVAV）上週宣佈的利潤令投資者失望。我們的分析發現了一些令市場關注的令人擔憂的因素。
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. As it happens, AeroVironment issued 7.3% more new shares over the last year. That means its earnings are split among a greater number of shares. Per share metrics like EPS help us understand how much actual shareholders are benefitting from the company's profits, while the net income level gives us a better view of the company's absolute size. Check out AeroVironment's historical EPS growth by clicking on this link.
要了解公司盈利增長的價值，有必要考慮股東利益的稀釋。正如它所發生的，過去一年，AeroVironment發行了比去年多7.3％的新股份。這意味着其收益將分攤在更多股份之間。每股指標（如每股收益）有助於我們了解實際股東從公司利潤中獲益了多少，而淨利潤水平則爲我們提供了更好的公司絕對規模視角。點擊此鏈接查看AeroVironment的歷史EPS增長情況。
A Look At The Impact Of AeroVironment's Dilution On Its Earnings Per Share (EPS)
審視AeroVironment股東利益稀釋對其每股收益（EPS）的影響
As it happens, we don't know how much the company made or lost three years ago, because we don't have the data. And even focusing only on the last twelve months, we don't have a meaningful growth rate because it made a loss a year ago, too. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). Therefore, the dilution is having a noteworthy influence on shareholder returns.
事實上，我們不知道該公司三年前賺了多少錢或賠了多少錢，因爲我們沒有這個數據。即便僅聚焦過去十二個月，由於一年前也虧損了，我們沒有一個有意義的增長率。但是，即使數學不那麼重要，當我們看到曾經不賺錢的業務變好時，總是令人高興的（儘管我們接受如果不需要稀釋，利潤會更高）。因此，股東回報率受到股份稀釋的重要影響。
If AeroVironment's EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.
如果AeroVironment的每股收益隨着時間增長，那麼股價朝着同樣的方向發展的可能性會大大提高。然而，如果其盈利增長而其每股收益保持不變（甚至下降），那麼股東可能看不到太多好處。出於這個原因，假設目標是評估公司股價是否可能增長，那麼可以說每股收益在長期內比淨利潤更重要。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是，您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
Our Take On AeroVironment's Profit Performance
我們對AeroVironment的利潤表現的看法
Over the last year AeroVironment issued new shares and so, there's a noteworthy divergence between EPS and net income growth. Therefore, it seems possible to us that AeroVironment's true underlying earnings power is actually less than its statutory profit. The good news is that it earned a profit in the last twelve months, despite its previous loss. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into AeroVironment, you'd also look into what risks it is currently facing. In terms of investment risks, we've identified 1 warning sign with AeroVironment, and understanding this should be part of your investment process.
在過去的一年中，AeroVironment發行了新股票，因此，每股收益和淨利潤增長出現了明顯的分歧。因此，對我們而言，AeroVironment的真實基本盈利能力實際上可能不如其法定利潤。好消息是，儘管之前曾虧損，但它在過去十二個月中實現了盈利。本文的目的是評估我們可以多少依靠法定收益反映公司潛力，但還有很多要考慮的。如果您想深入了解AeroVironment，還應研究其當前面臨的風險。在投資風險方面，我們發現AeroVironment存在1個警告信號，並且了解這一點應是您投資過程的一部分。
Today we've zoomed in on a single data point to better understand the nature of AeroVironment's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
今天我們關注了一個單一的數據點，以更好地了解AeroVironment的利潤性質。不過，如果您能將注意力集中在細節上，仍然可以發現更多。例如，許多人認爲高股本回報是良好的經濟業務指標，而另一些人則喜歡“跟蹤資金”並尋找股票內部人員正在購買的股票。因此，您可能希望查看這些高股本回報的免費公司收藏，或擁有高內部所有權的這些股票列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。