AeroVironment Shares Jump 17% After Q4 Revenue More Than Doubles to $642 Million
Updated
Updated · CNBC · Jun 29
AeroVironment Shares Jump 17% After Q4 Revenue More Than Doubles to $642 Million
1 articles · Updated · CNBC · Jun 29
Summary
$1.84 a share in fourth-quarter earnings and $642 million in revenue sent AeroVironment stock up 17% after hours, beating LSEG estimates of $1.46 and $559 million.
Autonomous systems revenue reached $492 million, well above the $402 million StreetAccount forecast, helping drive the top- and bottom-line beat.
A $1.2 billion funded backlog rose 65% from a year earlier, though it was only modestly above the prior period's $1.1 billion.
CEO Wahid Nawabi said demand for drones, counter-drones and space technology is rising as conflicts in Ukraine and Iran reshape modern warfare.