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Aerovironment Inc (AVAV) SEC Filing 10-Q Quarterly report for the period ending Saturday, January 26, 2019

Aerovironment Inc

CIK: 1368622 Ticker: AVAV

Exhibit 99.1

 

Picture 2

 

 

AeroVironment, Inc. Announces Fiscal 2019 Third Quarter Results

 

SIMI VALLEY, Calif., March 5, 2019

— AeroVironment, Inc. (NASDAQ: AVAV) today reported financial results for its third quarter ended January 26, 2019.

 

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Revenue of $75.3 million, up 38 percent year-over-year

 

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Gross margin of 40 percent, up 7 percentage points year-over-year

 

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Earnings per diluted share from continuing operations of $0.35, up $0.37 from one year ago

 

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Increased full year expectations for diluted earnings per share from continuing operations to between $1.60 and $1.80, including a one-time gain of $0.26 from a litigation settlement

 

“Our team delivered outstanding financial results in our third fiscal quarter, including $75.3 million in revenue and $0.35 in diluted earnings per share from continuing operations, representing year-over-year increases of 38 percent and $0.37, respectively,” said Wahid Nawabi, AeroVironment president and chief executive officer. “We continue to make strong progress against our financial and operational objectives and have established a strong foundation for fiscal year 2020.”

 

Mr. Nawabi continued, “We also continue to advance our growth portfolio, including exercising the one-time option to increase our ownership of the HAPSMobile, Inc. joint venture from 5 percent to 10 percent. AeroVironment has a strong track record of transforming high-potential innovations and technologies into significant value, and we are excited about realizing the full potential of HAPSMobile and our other growth initiatives.”

 

 

FISCAL 2019 THIRD QUARTER RESULTS

 

Revenue for the third quarter of fiscal 2019 was $75.3 million, an increase of 38%  from third quarter fiscal 2018 revenue of $54.6 million. The increase in revenue was due to an increase in product sales of $10.6 million and an increase in service revenue of $10.1 million.

 

Gross margin for the third quarter of fiscal 2019 was $30.4 million, an increase of 67%  from third quarter fiscal 2018 gross margin of $18.3 million. The increase in gross margin was primarily due to an increase in product margin of $8.7 million and an increase in service margin of $3.5 million. As a percentage of revenue, gross margin increased to 40% from 33%. The increase in gross margin percentage was primarily due to the increase in sales volume.

 

Income from continuing operations for the third quarter of fiscal 2019 was $7.8 million, an increase from third quarter fiscal 2018 of $0.2 million. The increase in income from continuing operations was primarily a result of an increase in gross margin of $12.1 million, partially offset by an increase in selling, general and administrative (“SG&A”) expense of $3.0 million and an increase in research and development (“R&D”) expense of $1.5 million.

 

Other income, net, for the third quarter of fiscal 2019 was $2.2 million compared to other income, net of $0.4 million for the third quarter of fiscal 2018. The increase in other income, net was primarily due to an increase

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The following information was filed by Aerovironment Inc (AVAV) on Tuesday, March 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Aerovironment Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Income (Parenthetical)
Aoci (Loss) And Reclassifications Adjustments
Aoci (Loss) And Reclassifications Adjustments (Details)
Aoci (Loss) And Reclassifications Adjustments (Tables)
Customer-Funded Research &Amp; Development
Customer-Funded Research &Amp; Development (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities (Details)
Equity Method Investments
Equity Method Investments (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Reconciliation (Details)
Impact Of Adoption Of New Accounting Standards
Impact Of Adoption Of New Accounting Standards (Tables)
Impact Of Adoption Of New Accounting Standards - Balance Sheet (Details)
Impact Of Adoption Of New Accounting Standards - Balance Sheet (Details)
Impact Of Adoption Of New Accounting Standards - Comprehensive Income (Details)
Impact Of Adoption Of New Accounting Standards - Comprehensive Income (Details)
Impact Of Adoption Of New Accounting Standards - Income Statement (Details)
Impact Of Adoption Of New Accounting Standards - Income Statement (Details)
Impact Of Adoption Of New Accounting Standards - Statement Cash Flow (Details)
Impact Of Adoption Of New Accounting Standards - Statement Cash Flow (Details)
Income Taxes
Income Taxes (Details)
Intangibles
Intangibles (Details)
Intangibles (Tables)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Investments
Investments (Details)
Investments (Tables)
Investments - Amortized Cost And Fair Value Of The Held-To-Maturity Securities By Contractual Maturity (Details)
Investments - Auction Rate Securities (Details)
Investments - Held-To-Maturity Securities (Details)
Legal Settlements
Long-Term Incentive Awards
Long-Term Incentive Awards (Details)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (Policies)
Organization And Significant Accounting Policies (Tables)
Organization And Significant Accounting Policies Other (Details)
Organization And Significant Accounting Policies Other - Contract Estimates (Details)
Organization And Significant Accounting Policies Other - Government Contracts (Details)
Organization And Significant Accounting Policies Other - Performance Obligations (Details)
Organization And Significant Accounting Policies Other - Recently Adopted Accounting Standards (Details)
Organization And Significant Accounting Policies Other - Revenue By Category (Details)
Related Party Transactions
Related Party Transactions (Details)
Share Repurchase
Share Repurchase (Details)
Warranty Reserves
Warranty Reserves (Details)
Warranty Reserves (Tables)
Warranty Reserves Estimated Cost (Details)

Material Contracts, Statements, Certifications & more

Aerovironment Inc provided additional information to their SEC Filing as exhibits

Ticker: AVAV
CIK: 1368622
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-001518
Submitted to the SEC: Tue Mar 05 2019 1:21:42 PM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Saturday, January 26, 2019
Industry: Aircraft

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