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AeroVironment, Inc. Announces Fiscal 2021 Third 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 third quarter ended January 30, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210309005954/en/AeroVironment's Portfolio of Unmanned Systems (Graphic: Business Wire)\n\nRevenue of $78.8 million, a year-over-year increase of 27 percent\n\n\nGross margin of $28.6 million, a year-over-year increase of 22 percent\n\n\nDiluted earnings per share of $0.01, a year-over-year increase of $0.05\n\n\nDiluted non-GAAP earnings per share of $0.14, a year-over-year increase of $0.15\n\n\n“Our team delivered year-over-year increases in revenue, gross margin, diluted earnings per share and Non-GAAP diluted earnings per share in the third quarter, despite the ongoing challenges presented by the COVID-19 pandemic,” said Wahid Nawabi, AeroVironment president and chief executive officer. \"We continue to shape our portfolio with three transformative acquisitions that we are confident will accelerate our success and value creation. Our acquisition of Arcturus UAV extends our reach and expands our solutions portfolio with medium UAS, which addresses a more than $1 billion segment of the UAS market. Our pending acquisition of Telerob will add a suite of unmanned ground vehicles to our portfolio, expanding our offering to the ground domain for defense and non-defense customers, such as law enforcement and first responders. Through our acquisition of Progeny Systems Corporation’s Intelligent Systems Group, we will accelerate AeroVironment’s development and deployment of critical technologies, such as artificial intelligence and perceptive autonomy, which will help our customers operate more effectively in contested airspace against peer and near-peer adversaries and increase our customer-funded research and development revenue.\n\n“We continue to build on our momentum and recently received United States government approval for our first export of Switchblade 300 to an allied nation. We are delivering on our commitments while working toward achieving our fiscal year 2021 objectives to produce a fourth consecutive year of profitable, double-digit topline growth.”\n\nFISCAL 2021 THIRD QUARTER RESULTS\n\nRevenue for the th...