AeroVironment Shares Surge on Strong Q1 Earnings
Shares of AeroVironment (AVAV) surged more than 9% in early trading after the drone manufacturer reported better-than-expected financial results for its fiscal first quarter. The company posted record revenue of $480.5 million, a 6% year-over-year increase driven by strong performance from its autonomous systems segment. Adjusted earnings per share came to $0.59, up sharply from the previous period and well above analyst expectations. While one business unit saw a decline in sales, another more than offset it with significant growth. The company also reported robust bookings of $683 million and an expanded backlog that signals strong future demand. Despite past challenges including contract losses and accounting issues, AeroVironment maintained its full-year guidance for revenue and adjusted earnings per share. Investors appear to be responding positively as the stock trades at a relatively attractive valuation compared to recent levels.
Tickers: $AVAV
Topics: AeroVironment financial results revenue growth stock performance