AeroVironment reports flat sales, increased profit for year

AeroVironment said today sales in its fiscal year 2017, which ended April 30, were essentially flat from the year before at $265 million.

However, the contractor reported $12.5 million in profit for the year, up nearly 40 percent from a year earlier.

AeroVironment chief executive Wahid Nawabi told analysts Tuesday the company has seen significant growth in its tactical missile system work and has been making investments to bolster the business.

The company's tactical missile systems work garnered $6 million in sales in FY-11, Nawabi said, but grew to more than $75 million this year and now makes up close to 30 percent of company revenue.

He said AeroVironment continues to deliver its Switchblade tactical missile systems to the military and is working on variants.