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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