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Wednesday, July 9, 2014

AeroVironment Reports Profit Jump in Quarterly Earnings

[Avionics Today July 9, 2014] AeroVironment reported a fiscal fourth-quarter profit of $8.1 million, a turnaround from a $795,000 loss reported during the same period a year ago. Tim Conver, CEO of AeroVironment, said the jump is the result of strong demand for its Unmanned Aircraft Systems (UAS). 

Total UAS sales for the quarter increased nearly 42 percent to $60 million, up from $42 million a year earlier. 
 
"Our core business is stronger and more profitable than last year, and we are confident about the Company’s prospects for growth," said Conver.
 
AeroVironment is the top supplier of small UAS to the U.S. Department of Defense (DOD), but is now looking to increase its presence in the commercial UAS arena as the FAA introduces regulations allowing civil operations throughout the National Airspace System (NAS). In June, AeroVironment's Puma UAS became the first unmanned aircraft to fly over land with commercial authorization from the FAA
 
"The time, rigor and resources we have invested to develop, test and qualify military small UAS are allowing us to satisfy FAA requirements for reliability and safety certification and facilitating approval of our systems for commercial operation," said Conver, during a quarterly earnings conference call. 
 

The company expects to generate revenue between $250 to $270 million during its fiscal year 2015.  

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