AVAV - Why AeroVironment Stock Is Rising Today | Benzinga
AeroVironment Inc (NASDAQ:AVAV) shares are moving higher Tuesday after the company reported better-than-expected financial results and issued guidance.
- Q3 Revenue: $186.6 million, beat estimates of $170.625 million
- Q3 EPS: 63 cents, beat estimates of 33 cents
Total revenues increased 39% on a year-over-year basis, reflecting higher product sales of $64.7 million. Income from operations was $14.3 million in the third quarter. The company said it had a funded backlog of $462.8 million as of Jan. 27.
"Solid bottom-line results, fueled by record demand and strong operating execution, have us on track for our best year ever. In addition, the Company continues to show tremendous growth in the Loitering Munition Systems segment, which delivered record revenue in the quarter," said Wahid Nawabi, chairman, president and CEO of AeroVironment.
"With the increased global demand for our solutions, strong backlog and growing pipeline, AeroVironment remains well positioned for ...