AeroVironment on Thursday reported first-quarter net income of $3.8 million (18 cents per share), much more than the $1.4 million (9 cents per share) the company reported for the same period a year earlier. The earnings beat Wall Street’s estimate of 17 cents, according to a poll by Thomson Financial.

Sales for the Monrovia-based aerospace company soared 56 percent to $49 million, also beating analysts’ expectations, thanks to higher product sales, which rose 24 percent to nearly $30 million, and contract services, which more than doubled to $19 million.

The company also said that as of July 28 it had a funded backlog of $62 million.

The earnings come just a week after the company’s founder and renowned aerospace innovator Paul MacCready died at the age of 81.

Shares in Aerovironment were down 6 cents to $19.84 in afternoon trading Thursday on the Nasdaq.