Q4 2024 AeroVironment Inc Earnings Call Transcript
Key Points
- AeroVironment Inc (AVAV) reported a record-breaking fiscal year with a 33% increase in revenue, reaching $717 million.
- The Loitering Munitions Systems (LMS) segment saw a 60% increase in revenue, totaling $193 million for the fiscal year.
- The company expects continued growth with projected revenues between $790 million and $820 million for fiscal year 2025.
- AeroVironment Inc (AVAV) has expanded its manufacturing capacity to support more than $500 million in annual product revenue.
- The company added three strong directors to its Board and key leaders at its headquarters to enhance customer engagement and future requirements.
- Revenue for the Uncooled Systems segment was slightly down in the fourth quarter compared to the same period last year due to award timing.
- The McCreedy Works segment's growth was negatively impacted by U.S. government budget authorization delays.
- The company's funded backlog at the end of fiscal year 2024 was lower than recent years, reflecting some uncertainty in the government contracting process.
- Adjusted EBITDA for the fourth quarter of fiscal 2024 decreased by 52% compared to the same period last year due to higher R&D and SG&A expenses.
- The company expects adjusted overall gross margin to be slightly down in fiscal year 2025.
Good day and thank you for standing by. Welcome to the AeroVironment Fourth Quarter and Full Fiscal Year 2024 conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question-and-answer session to ask a question.
(Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker for today, John and Peter Bateman. You may begin.
Thanks and good afternoon, ladies and gentlemen. Welcome to AeroVironment's Fourth Quarter and Full Fiscal Year 2024 earnings call. This is Jonah Teeter-Balin, Senior Director of Corporate Development and Investor Relations.
Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve many risks and uncertainties that could cause actual results to
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