By Colin Kellaher
AeroVironment shares were sharply higher Monday after the drone and missile maker said a competitor's protest of an Army contract potentially worth nearly $1 billion has been denied.
AeroVironment, which in August announced the five-year contract with a ceiling value of $990 million to provide Switchblade "suicide" drones to the Army, said the U.S. Government Accountability Office denied the protest, which was filed by privately held Mistral in early September.
Shares of the Arlington, Va., company were recently up 7.1% at $167.66.
In late September, despite the then-pending protest, the Army lifted a stop-work order it had issued on the contract, allowing AeroVironment to proceed with fulfilling a $128 million delivery order issued under the agreement.
AeroVironment said Monday it intends to fulfill its obligations under the contract and any delivery orders issued throughout the term of the agreement.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 16, 2024 10:38 ET (15:38 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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