AVAV - AeroVironment Reports Fiscal 2024 Q3 Results

2024-03-04 19:27:31 ET

DENVER, Colo., Mar 04, 2024 ( 247marketnews.com )- AeroVironment, Inc. (NASDAQ: AVAV ) reported, after today’s market close, its financial results for the fiscal third quarter ended January 27, 2024.

AVAV is trading at $153.3175, up $22.6675 (+17.35%), on 923K shares.

The third quarter highlights included generating record third quarter revenue of $186.6 million, a 39% year-over-year increase; net third quarter income of $13.9 million and adjusted EBITDA of $28.8 million, $14.6 million and $5.1 million increases, year-over-year, respectively; and closed the quarter with a $462.8 million funded backlog.

“Once again, AeroVironment has delivered outstanding results, including a record for third quarter revenue that’s nearly 40% above the same period last fiscal year,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “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.

“With the increased global demand for our solutions, strong backlog and growing pipeline, AeroVironment remains well positioned for continued growth. As such, we are raising and narrowing our fiscal year revenue guidance for 2024 to between $700 million and $710 million, and we continue to anticipate double-digit revenue growth in fiscal year 2025.”

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