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AeroVironment’s (NASDAQ:AVAV) stock jumped 18% in extended trading Monday after the maker of military drones and unmanned vehicles swung to a profit on better-than-estimated revenue.
For its fiscal third quarter, AeroVironment (AVAV) reported net income of $13.9 million, or $0.50 a share, to contrast with a loss of $676,000, or $0.03 a share, a year earlier.
Adjusted earnings of $0.63 a share beat the average estimate of $0.34 a share among Wall Street analysts.
Revenue jumped 38% from a year earlier to $186.6 million, as higher product sales more than offset lower service revenue. The consensus estimate was $172 million.
“Solid bottom-line results, fueled by record demand and strong operating execution, have us on track for our best year ever,” Wahid Nawabi, chief executive of AeroVironment (AVAV), said in a statement.
Management forecast revenue of $700 million to $710 million and adjusted earnings of $2.69 to $2.83 a share for the full fiscal year.
Previously, the company had estimated revenue of $685 million to $705 million and adjusted earnings of $2.46 to $2.70 a share.
