While many companies are plummeting amid the pandemic crisis, drone systems provider AeroVironment is soaring higher.

The California-based company recently released financials for both the full year and fourth quarter ending April.

Results

Record fourth quarter and full year revenue of $135.2 million and $367.3 million — an increase of 54 percent and 17 percent year-over-year, respectively.

Fourth quarter diluted earnings per share from continuing operations and non-GAAP diluted earnings per share from continuing operations of $0.73 and $0.75, an increase of 47 cents and 49 cents year-over-year, respectively.

Record funded backlog of $208.1 million.

Gross margin Q4, fiscal 2020 — $53.2 million, an increase of 44 percent from the fourth quarter of fiscal 2019’s gross margin of $37.0 million.

Income from continuing operations for the fourth quarter of fiscal 2020 — $21.3 million, an increase of $16.2 million from the fourth quarter of fiscal 2019 income from continuing operations of $5.1 million.

‘Topline Growth’

“Our team delivered outstanding results in our fourth quarter and full fiscal year 2020,” AeroVironment CEO Wahid Nawabi said in a press release.

He added:

“With continued focus on our business strategy, coupled with excellent execution by our committed and talented team, we delivered our third consecutive year of profitable, double-digit topline growth. Strong growth in small unmanned aircraft systems revenue reflects continued global demand for our market leading [drone] solutions, while significant progress in tactical missile systems and HAPS advances our strategy for long-term value creation.”

Outlook

According to AeroVironment’s report, further growth is expected next year:

“For fiscal 2021, the Company expects to generate revenue between $390 million and $410 million, operating margin of between 12 percent and 12.5 percent, and earnings per diluted share of $1.65 to $1.85. The Company expects non-GAAP earnings per diluted share, which excludes amortization of acquired intangible assets, to be between $1.74 and $1.94.”

Milestones

• In November, AeroVironment snagged a two-year, $12 million contract with an unnamed “major Middle Eastern ally” for support of the nation’s existing fleet of AeroVironment’s Puma AE and Raven B tactical drones.
• In 2019, AeroVironment captured a similar $17 million deal with another unnamed nation. Last year, the company garnered a $5.9 million contract from the Portuguese army, encompassing the procurement of Raven unmanned aircraft systems equipped with Mantis i23 sensors and pocket Remote Video Terminals.
• In 2014, AeroVironment made domestic-drone history when the Puma became the first domestic model to garner FAA approval for commercial use. The agency gave AeroVironment permission to use a Puma drone to survey pipelines, roads and equipment at Prudhoe Bay in Alaska.