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AeroVironment, Inc. Announces Fiscal 2021 First Quarter Results
SIMI VALLEY, Calif.--(BUSINESS WIRE)-- AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today reported financial
About this update from Aerovironment, Inc.
[{"type":"text","content":" SIMI VALLEY, Calif.--(BUSINESS WIRE)--\nAeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today reported financial results for its first quarter ended August 1, 2020.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200909006018/en/AeroVironment’s family of systems provide multi-mission capabilities for defense and commercial customers, and precision strike at the battlefield’s edge. (Graphic: Business Wire)\n\n“We are on track to achieve our fiscal year 2021 plans and deliver another year of profitable top line growth, despite the COVID-19 pandemic and its unprecedented impact on the global economy. We delivered $87.5 million in revenue and $0.42 diluted earnings per share in our first quarter, consistent with our plan,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Our outstanding team continues to deliver results and extend our global market leadership position. During the quarter, our team successfully completed the fourth flight test of the Sunglider HAPS system and performed successful demonstrations of our larger Switchblade variant, which is designed to address a much larger segment of the legacy missile market.”\n\n\n“We remain well positioned to continue creating shareholder value in the near- and long-term. With the unwavering support of our employees and a laser focus on achieving our financial and operational objectives, we are confident we will emerge from this pandemic as an even stronger company,” Mr. Nawabi added.\n\n\nFISCAL 2021 FIRST QUARTER RESULTS\n\n\nRevenue for the first quarter of fiscal 2021 was $87.5 million, an increase of 1% from the first quarter of fiscal 2020 revenue of $86.9 million. The increase in revenue was due to an increase in service revenue of $8.0 million, partially offset by a decrease in product sales of $7.5 million.\n\n\nGross margin for the first quarter of fiscal 2021 was $35.4 million, a decrease of 14% from the first quarter of fiscal 2020 gross margin of $41.3 million. The decrease in gross margin was primarily due to a decrease in product margin of $9.2 million, partially offset by an increase in service margin of $3.3 million. As a percentage of revenue, gross margin decreased to 40% from 47%. The decrease in gross margin percentage was primarily due ...