AeroVironment says it expects LMAMS award next year

AeroVironment's chief executive said this week the company has submitted its proposal for a three-year, sole-source contract for the Army's Lethal Miniature Aerial Missile System.

"This hardware production contract to AeroVironment would cover government fiscal years 2020 through 2022," Wahid Nawabi said in a call with analysts. "We anticipate this award would be worth up to $160 million over that time period."

Nawabi said the award would be the "single largest sole-source, multiyear award ever for our innovative Switchblade solution."

Additionally, he told analysts the company has seen "significant progress" working with U.S. export authorities on exporting Switchblade.

"Multiple allies have expressed strong interest in Switchblade," Nawabi added.

Meanwhile, AeroVironment said sales in its most recent quarter totaled $83 million, up 14% from the same three-month period a year earlier. The company attributed the increase to product sales growth.

AeroVironment's quarterly profit reached $7.5 million, up 24% from the prior year.