AeroVironment reported better-than-expected fiscal third-quarter 2024 earnings and revenue late Monday, with the drone manufacturer hiking full-year guidance. AVAV shares soared Tuesday.
The Arlington, Va.-based outfit saw EPS grow 91% to 63 cents per share with sales increasing 39% to $186.6 million in Q3. Analysts had expected the drone maker to report flat adjusted earnings at 33 cents per share with revenue totaling $170.6 million, according to FactSet.
Meanwhile, AeroVironment said Monday it expects revenue between $700 million-$710 million with earnings between $2.69-$2.83 per share for the full fiscal year. AeroVironment previously predicted EPS between $2.46-$2.70 and revenue of $685 million-$705 million.
Wall Street forecasts 2024 EPS growing 114% to $2.73 and sales hitting $700.8 million, up 30% compared to last year.
"With the increased global demand for our solutions, strong backlog and growing pipeline, AeroVironment remains well positioned for continued growth," Chief Executive Wahid Nawabi said in the earnings release Monday.
AVAV stock surged 21.4% to 158.41 Tuesday during market action, breaking out above an official 143.99 buy point, its Dec. 4, 2023, high.
On Friday, AVAV gained 1.5% to 128.73. Earlier, AVAV passed what aggressive investors might chart as an early entry at 127.22.
AeroVironment makes drones used by the Air Force for research, and the company reportedly is the U.S. military's top drone supplier overall. It also sells to NASA and developed an early model electric vehicle.
AeroVironment is also involved in missile production. The company manufactures Switchblade "suicide" drones that have been utilized in Ukraine since the beginning of Russia's invasion, as well as Puma hand-launched recon drones.
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