Tuesday, July 23, 2024

AeroVironment’s shares jump on improved profit outlook

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Regular Australian Army AeroVironment Wasp III UAV launch, flying and recovery demonstration

James Rolevink/iStock Editorial via Getty Images

AeroVironment’s (NASDAQ:AVAV) stock jumped 14% to $108 a share in extended trading Tuesday after the maker of combat drones and other unmanned systems reported strong demand.

Fiscal Q1 revenue rose 40% to $152.3 million, beating the average estimate among Wall Street analysts of $131 million.

AeroVironment (AVAV) swung to a profit of $21.9 million, or $0.84 a share, from a loss of $8.4 million, or $0.34 a share, a year earlier. Adjusted EPS of $1 beat the consensus estimate of $0.30.

The company’s funded backlog surged to $540 million from $424 million in the prior quarter.

“Since fiscal year 2024 is off to such a great start, we are also raising full year guidance to reflect our improved outlook for the company,” Wahid Nawabi, chairman, president and CEO of AeroVironment (AVAV), said in a statement.

AeroVironment (AVAV) estimated revenue will be in a range of $645 million to $675 million, up from a previous forecast of $630 million to $660 million. The company forecast a profit of $51 million to $59 million, up from $50 million to $58 million previously.

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