AVAV - Why AeroVironment Stock Is Soaring to a New All-Time High Today
2024-03-05 11:57:40 ET
Drone maker AeroVironment (NASDAQ: AVAV) had a great quarter and sees further growth up ahead. Investors are rallying into the shares as a result, with the stock up 28% and hitting a new all-time high as of 11:30 a.m. ET.
AeroVironment is the maker of uncrewed aerial vehicles (UAVs) for the U.S. military and other customers. The company's products have been battle-tested by the conflict in Ukraine, which has also helped U.S. and allied military planners recognize the importance of UAVs in combat.
The company is seeing demand for its products soar. AeroVironment earned $0.63 per share in its fiscal third quarter ending Jan. 27 on revenue of $186.6 million, easily surpassing Wall Street expectations for $0.33 per share in earnings on sales of $170 million. Revenue was up 39% year over year.
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Why AeroVironment Stock Is Soaring to a New All-Time High Today