Shares in AeroVironment Inc. gained nearly 5 percent Tuesday after the company reported a strong fiscal year bolstered by a solid fourth quarter thanks to stronger sales, the company said.
AeroVironment reported fourth quarter net income of $5.6 million (27 cents per share) a huge jump from a loss of $500,000 (4 cents) from the same period a year earlier. The company sited lower costs, as well as scaled-based research and development costs for the jump.
Sales for the Monrovia-based unmanned vehicle designer and manufacturer also got a boost of 66 percent to $51 million thanks to increased demand from U.S. customers for its tiny unmanned vehicles.
Full year net income leapt 85 percent to $21 million while sales also jumped 25 percent to $174 million. The company also said it expects revenue growth during fiscal year 2008 to be 20 percent to and 25 percent higher than 2007.
"This growth indicates the increasing adoption of our solutions by our customers to help improve their productivity, safety and efficiency, as well as the continued, successful execution of our plans by our team," Tim Conver, chief executive officer and president of AeroVironment said in a statement.
Shares in AeroVironment gained 4.7 percent, or $1.03, to $22.75 in afternoon trading Tuesday. Shares in AeroVironment have gained 11 percent since going public on the Nasdaq in January.
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