AeroVironment Stock Soars After Posting Record Revenue, Touts Performance In Ukraine

AeroVironment stock soared early Wednesday after the robotics and drone maker topped estimates for its fiscal Q4 report late Tuesday.

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AeroVironment (AVAV) produces unmanned aircraft systems, including Switchblade “suicide” drones that have been in service in Ukraine since the beginning of Russia’s invasion in February 2022.

The company’s Q4 adjusted earnings bolted to 99 cents per share from 12 cents per share last year. Net revenue leapt 40% to a fourth-quarter record of $186 million. FactSet analysts expected Q4 earnings of 95 cents per share on $159.5 million in sales.

AeroVironment’s fiscal full-year earnings jumped 18.9% to $1.26 per share on 21% revenue growth to a record $540.5 million. The results edged out the FactSet earnings guidance of $1.25 per share on $518.6 million in sales.

The company’s backlog bloated to $424.1 million as of April 30, doubling the $210.8 million backlog from the same period last year.

“Given our pipeline, record backlog and global tail winds supporting our broad portfolio of robotic solutions — bolstered by the strong performance of our systems in Ukraine — we are at the beginning of a new phase of growth that will lead to further attractive returns for our shareholders,” CEO Wahid Nawabi wrote in a statement. “With expanding markets, a newfound appreciation of our solutions by foreign customers, and broad support for our products here at home, the company is well positioned for great success going forward.”

For fiscal 2024, AeroVironment guided adjusted earnings between $2.30 and $2.60 per share while revenue ranges from $630 million to $660 million. Wall Street expects full-year earnings of $2.25 per share on $630.5 million in sales.

AVAV Stock

AeroVironment stock rallied 5.4% to 95.21 early Wednesday, adding a second day to the stock’s bounce off support at its 200-day moving average. AVAV shares are up 10.8% so far this year.

You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison.

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