Energy efficient electric systems manufacturer AeroVironment posts financial results
24th June 2009
AeroVironment Inc., a producer of energy efficient electric systems, completed fiscal year 2009 with record quarterly revenue, achieving 15 per cent year over year revenue growth, and a 13 per cent operating margin, with record cash and investments, according to a company statement.
Revenue for fiscal year 2009 was $247.7m, marking an increase of 15 per cent over 2008’s revenue of $215.7m. The increase is attributed to increased sales in its unmanned aircraft segment of $24.8m, and its efficient electric energy systems segment of $7.2m.
‘This performance reflects strength in our customers’ continued demand for our market-leading solutions and our team’s sustained execution,’ said Tim Conver, chairman and CEO of AV. ‘Our development programmes and electric vehicle solutions, all moved forward in meaningful ways, positioning us well for delivering more, important solutions to our customers and for long term growth.’With respect to the global economic downturn, Conver cited the US government’s commitments to both defence activities, and electric vehicle infrastructure throughout the country as positive opportunities for AV’s development, and indicators of its success.
For fiscal year 2010, the Company expects revenue growth of 18 per cent to 22 per cent over fiscal year 2009 and operating income margin of 12 per cent to 14 per cent.
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