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Thursday, Feb 22, 2024

Income Improves for AeroVironment in Q3

Net income grew by nearly 76 percent in the fourth quarter for manufacturer AeroVironment Inc. when compared to the same period a year ago. Much of the revenue for the company is generated by the Unmanned Aircraft Systems division that makes drones used by the military for reconnaissance and security purposes. The aircraft are developed and manufactured at facilities in Simi Valley. In February, AeroVironment made public an unmanned vehicle disguised to look like a hummingbird that it designed for the Nano Air Vehicle program of the Defense Advanced Research Projects Agency. AeroVironment reported net income of $11.5 million or $0.52 per diluted share, on revenues of $84.4 million for the quarter ending January 29. For the same period a year ago, the company had net income of $6.5 million, or $0.30 per diluted share, on revenues of $60.9 million. For the fourth quarter, the unmanned aircraft division brought in $71.7 million in revenue and the energy efficient systems, which makes electric vehicle charging stations, brought in $12.7 million in revenues. Revenue and overall demand for small UAS, PosiCharge and EV test systems remain strong,” said company Chairman and CEO Tim Conver. “We also continued to execute well on key development program milestones that are important to our customers. I believe we remain well-positioned for long-term growth.” Mark R. Madler

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