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AeroVironment Reaps $51.4 Million in Switchblade UAV Contracts in 9 Days

By Rich Smith - Sep 6, 2013 at 11:17AM

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Contract modification worth $29 million announced this week.

The contracts just keep coming in for military contractor AeroVironment (AVAV 5.00%).

On Aug. 28, the maker of unmanned aerial vehicles announced that it had received an award to supply the Army with $15.8 million worth of Switchblade drones. One week later, the Pentagon announced that it was giving the company a follow-on contract to produce $6.6 million more worth of Switchblades.

Thursday's list of new contracts awarded by the Pentagon contained an additional award for Switchblade UAV production, and this one was bigger than the two previous orders combined.

Worth $29 million, Thursday's contract modification calls on AeroVironment to supply the Army with Switchblade Agile Munitions Systems and associated hardware and support services. So the tally for the past nine days for AeroVironment now stands at a grand total of $51.4 million.

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Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends AeroVironment. The Motley Fool owns shares of AeroVironment. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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