AeroVironment Shares Are Trading Higher: What's Driving The Action?

AeroVironment Inc AVAV shares are trading higher Wednesday after the company reported fiscal fourth-quarter financial results.

What Happened: AeroVironment said fourth-quarter revenue increased 40% year-over-year to $186 million, which beat the consensus estimate of $164.12 million, according to Benzinga Pro. The company reported quarterly earnings of 99 cents per share, which missed average estimates of $1.01 per share. 

AeroVironment announced a record backlog of $424.1 million, which it said puts it on track for 20% top-line growth in fiscal 2024. The company expects full-year 2024 revenue to be in the range of $630 million to $660 million versus estimates of $600.24 million.

"AeroVironment has never been in better shape with regards to its future than it is today," said Wahid Nawabi, chairman, president and CEO of AeroVironment.

"Given our pipeline, record backlog and global tailwinds supporting our broad portfolio of robotic solutions – bolstered by the strong performance of our systems in Ukraine – we are at the beginning of a new phase of growth that will lead to further attractive returns for our shareholders."

AeroVironment expects full-year adjusted earnings to be in the range of $2.30 to $2.60 per share versus estimates of $2.04 per share. 

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AVAV Price Action: AeroVironment shares were up 5.74% at $95.50 at time of writing, according to Benzinga Pro.

Photo: courtesy of AeroVironment.