AeroVironment Q3 Earnings: Revenue Beat, EPS Beat, 'Increased Global Demand' And More

AeroVironment Inc AVAV reported fiscal third-quarter financial results Monday after the close. Here’s a look at the key metrics from the quarter.

Q3 Earnings: AeroVironment’s third-quarter revenue increased 39% year-over-year to $186.6 million, which beat the consensus estimate of $170.625 million, according to Benzinga Pro. The company reported quarterly earnings of 63 cents per share, which beat analyst estimates of 33 cents per share.

AeroVironment’s strong quarterly results reflect higher product sales of $64.7 million, partially offset by lower service revenue of $12.5 million. Income from operations was $14.3 million in the third quarter. The company said it had a funded backlog of $462.8 million as of Jan. 27.

“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,” said Wahid Nawabi, chairman, president and CEO of AeroVironment.

“With the increased global demand for our solutions, strong backlog and growing pipeline, AeroVironment remains well positioned for continued growth.”

Outlook: AeroVironment expects full-year 2024 revenue to be between $700 million and $710 million versus estimates of $700.833 million. The company expects full-year adjusted earnings to be between $2.69 and $2.83 per share versus estimates of $2.73 per share.

AeroVironment also noted that it continues to expect double-digit revenue growth in fiscal-year 2025.

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

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AVAV Price Action: AeroVironment shares were up 18.4% after hours at $154.71 at the time of publication, according to Benzinga Pro.

Photo: courtesy of AeroVironment.