AeroVironment reports bolstered sales, profit

By Marjorie Censer / September 6, 2018 at 10:08 AM

AeroVironment said this week sales in its most recent quarter hit $78 million, up 127 percent from the same three-month period a year earlier.

The company partly attributed the improvement to nearly $37 million more in product sales.

AeroVironment recorded quarterly profit of $27.3 million, up from a loss of $5.9 million the prior year. The contractor said it benefited from a one-time litigation settlement.

In a call with analysts this week, Wahid Nawabi, AeroVironment's chief executive, said the company, which closed on the divestiture of its efficient energy systems business during the most recent quarter, has been transformed into "a pure-play unmanned technology solutions provider."