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AeroVironment backlog surges as company focuses on unmanned systems

27 June 2018

US unmanned aerial vehicle manufacturer AeroVironment announced on 26 June that its funded backlog of orders had surged 146% to USD174 million.

Sales of the company’s products surged 22.4% from USD159.6 million at the end of financial year (FY) 2017 to USD195.3 million in FY 2018, with contracted services increasing 9.25% to USD75.7 million. Margins on the company’s product sales also increased from USD70.6 million to USD83.3 million, with overall gross margins increasing from USD95.2 million to USD108.9 million.

However, gross margins as a percentage of revenue declined for the year, which AeroVironment senior vice-president and CFO Teresa Covington attributed to an unfavourable product mix.

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