AeroVironment's stock rose early Wednesday morning after the company's fiscal Q4 report, released late Tuesday, exceeded expectations.
AeroVironment produces unmanned aircraft, including Switchblade suicide drones. These have been used in Ukraine since February 2022 when Russia invaded.
Earnings for the company in Q4 were up to 99 cents a share, compared to 12 cents a share last year. Net revenue jumped 40% to $186 million, a record fourth quarter. FactSet analysts had predicted Q4 earnings at 95 cents a share on sales of $159.5 million.
AeroVironment’s full-year fiscal earnings increased 18.9%, to $1.26 a share. Revenues grew 21% to $540.5 millions, a record. The results beat FactSet's earnings guidance of $0.25 per share on sales of $518.6 millions.
As of April 30, the backlog at the company had doubled to $424.1 millions, compared with the previous period's $210.8 million.
Wahid Nawabi, CEO of the company, wrote in a press release that "given our pipeline and record backlog as well as global tailwinds supporting our broad portfolio robotic solutions - bolstered with the strong performance our systems in Ukraine - we are at the start of a new growth phase which will lead to even more attractive returns for our investors." "With expanding markets and a renewed appreciation for our solutions from foreign customers as well as broad support for our product here at home, we are well-positioned for success in the future."
AeroVironment has set a target adjusted earnings per share of $2.30 to $2.60 for fiscal 2024. Revenues will range from $630 to $660 millions. Wall Street expected earnings per share of $2.25 on sales of $630.5 millions.
AeroVironment's stock rose 5.4% early on Wednesday to 95.21, marking the second day of the stock's rebound from support at its moving average 200-days. AVAV stock is up 10.8% this year.