ARLINGTON, Va. - AeroVironment , Inc. (NASDAQ:AVAV), a global leader in intelligent multi-domain robotic systems, today reported a significant beat in its fiscal third-quarter earnings and revenue, sending shares soaring by 14.6%.
The company announced a third-quarter EPS of $0.63, surpassing analyst estimates of $0.33. Revenue for the quarter was equally impressive at $186.6 million, well above the consensus estimate of $170.62 million.
The company's revenue represented a 39% increase compared to the same quarter last year, indicating robust year-over-year (YoY) growth. This surge in revenue was primarily driven by a 140% increase in the Loitering Munitions Systems segment and a 23% increase in Unmanned Systems, although partially offset by a 13% decrease in MacCready Works.
AeroVironment's chairman, president, and CEO, Wahid Nawabi, attributed the strong performance to record demand and solid operating execution, which he believes sets the company on track for its best year ever. He also highlighted the growth in the Loitering Munition Systems segment, which delivered record revenue for the quarter.
Looking ahead, AeroVironment raised and narrowed its fiscal year 2024 revenue guidance to between $700 million and $710 million, with expectations for double-digit revenue growth in fiscal year 2025. The midpoint of the company's EPS guidance for FY2024 is $2.76, slightly above the analyst consensus of $2.75. The revenue guidance midpoint of $705 million is also marginally above the consensus of $701.7 million.
The company's strong financial results and optimistic guidance reflect its continued growth trajectory and the increasing global demand for its solutions. AeroVironment's funded backlog as of January 27, 2024, stood at $462.8 million, compared to $424.1 million as of April 30, 2023, further underscoring the company's solid position for future revenue streams.
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