Press release
AeroVironment Announces Fiscal 2022 Fourth Quarter and Fiscal Year Results
ARLINGTON, Va.--(BUSINESS WIRE)-- AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial
About this update from Aerovironment, Inc.
[{"type":"text","content":" ARLINGTON, Va.--(BUSINESS WIRE)--\nAeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for the fourth quarter and fiscal year ended April 30, 2022.\n\nFourth Quarter and Fiscal Year Highlights\n\n\nFourth quarter revenue of $132.6 million and record fiscal year 2022 revenues of $445.7 million, primarily due to higher service revenue and recent acquisitions, which more than offset sales declines in some product segments\n\n\n\nFourth quarter gross margin of $48.6 million and $141.2 million for fiscal 2022\n\n\n\nFourth quarter net income attributable to AeroVironment of $7.3 million, or $0.29 per diluted share\n\n\n\nNet loss attributable to AeroVironment for fiscal year 2022 of $4.2 million, or $(0.17) per diluted share\n\n\n“Our team executed well in the fourth quarter enabling the Company to meet our guidance for fiscal 2022, despite ongoing macroeconomic challenges,” said Wahid Nawabi, AeroVironment president and chief executive officer. “We are confident that fiscal 2023 will be a solid organic growth year for the business.\n\n“During the quarter, the Company continued to face supply chain constraints and a tight labor market, but several factors point to strengthening demand and an overall improving outlook. First, the federal government passed its fiscal 2022 omnibus appropriations bill in March, and contract decision-making has begun to accelerate – which, we believe, will continue through the end of September. At the same time, the war in Ukraine has brought increased awareness of our portfolio of innovative solutions, including the highly relevant Switchblade tactical missile system, and we anticipate benefiting from higher order volume going forward.\n\n“We’re proud of our accomplishments in this difficult year and of the assistance we’ve provided to Ukraine and our allies. We still face continuing macroeconomic challenges in operating the business but opportunities abound for our broad portfolio of unmanned robotic solutions. Our products and services enjoy strong bipartisan support in Congress, and we anticipate orders accelerating heading into calendar 2023. An improving mix of hardware sales should also lead to improved bottom line results. Overall, the future looks bright and I’d like to thank our employees, customers and shareholders ...