Simi Valley’s AeroVironment buys German robotics firm for $45M
AeroVironment, an aerial drone company based in Simi Valley, reached an agreement Dec. 8 to acquire Telerob, a German robotics company, in a deal worth approximately $45.4 million in cash.
AeroVironment also released its second quarter 2021 earnings on Dec. 8, revealing an increase in revenue, but a 71% drop in earnings from the previous year’s second fiscal quarter.
The company reported revenue of $92.7 million, an increase of 11% from the second quarter of fiscal 2020 revenue of $83.3 million.
According to the company’s press release, the increase in revenue was due to an increase in product sales of $8.1 million and an increase in service revenue of $1.3 million.
“Our team produced second quarter revenue of $92.7 million, an increase of 11% over last year, despite the unprecedented challenges from the COVID-19 pandemic,” Wahid Nawabi, AeroVironment’s president and CEO, said in a company statement.
Net income was down, however, from $7.5 million in the second quarter of 2020 to $2.1 million in the second quarter of 2021.
As a result, earnings per share for the second quarter of 2021 were 9 cents, compared to 31 cents in the same quarter last year.
Income from operations for the second quarter of fiscal 2021 was $13.9 million, an increase of $5.8 million from the second quarter of fiscal 2020.
AeroVironment’s deal with Telerob is expected to close by spring 2021, and includes a $9.4 million payout of Telerob’s debt once the deal has closed.
Once the deal has closed, Telerob will operate as a wholly-owned subsidiary of AeroVironment.
AeroVironment currently holds a partnership with the United States Department of Defense and has a presence in 50 nations.
With the acquisition, AeroVironment will gain Telerob’s 45-nation footprint and multi-industry customer base, AeroVironment said, allowing for opportunities for growth and value creation.
The two will also compete for multi-year U.S. Air Force Explosive Ordinance Disposal (EOD) robotic system programs.
“Acquiring Telerob, a leader in ground robotic solutions, gives us the opportunity to offer a broader portfolio of highly complementary robotic solutions to a larger set of global customers,” Nawabi said.