AeroVironment Secures $12 Million Contract with Middle Eastern Country

AeroVironment Inc. has received a $12 million contract from a Middle Eastern country to supply spare parts, repair services and logistics support for an existing fleet of Puma and Raven unmanned aircraft. The Simi Valley drone manufacturer will provide the services to the unnamed country for two years. The Raven is a small, hand-launched craft used by the military for low-altitude intelligence, surveillance and reconnaissance. It has a wingspan of 4.5 feet and weighs about 4 pounds. The Puma has a wingspan of 9 feet and weighs 15 pounds and was designed for land and maritime operations. Rick Pedigo, vice president of sales and business development, said that AeroVironment’s global customers require reliable and combat-proven unmanned aircraft systems that defense and security personnel can quickly deploy without the need for runways or other logistics. “This order builds on our fast-growing international customer base as more allied forces rely on our innovative systems to proceed with certainty on the frontlines,” Pedigo said in a statement. Shares of AeroVironment closed on Friday up 58 cents, or almost 1 percent, to $62.68 on the Nasdaq.