AeroVironment reports increased sales in 2018

By Marjorie Censer / June 27, 2018 at 10:29 AM

AeroVironment said this week sales in its fiscal year 2018 reached $271 million, up 18 percent from the prior year.

The company attributed the majority of the boost to increased product sales.

AeroVironment said its profit during the fiscal year, which ended April 30, hit $20.1 million, up from $12.5 million a year earlier.

During a call with analysts Tuesday, Wahid Nawabi, AeroVironment's chief executive, said the company is reshaping to focus "on solutions based on robotics, sensors, software analytics and connectivity to serve promising large global markets, consisting of defense, telecommunications and commercial information solutions."

AeroVironment announced earlier this month it has entered into an agreement to sell the assets of its efficient energy systems business segment to Webasto Charging Systems. Nawabi said this week he expects the divestiture to be complete in the company's first fiscal quarter, which concludes at the end of next month.