Why AeroVironment Stock Is Taking Off After The Close

AeroVironment Inc AVAV shares are trading higher in Tuesday's after-hours session 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 said it has a record backlog of $424.1 million, which puts it on track for 20% top-line growth in fiscal 2024. The company said it expects full-year 2024 revenue to be in the range of $630 million and $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 sees full-year adjusted earnings in the range of $2.30 to $2.60 per share versus estimates of $2.04 per share. 

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

AVAV Price Action: AeroVironment shares were up 5.09% at $94.92 at time of publication, according to Benzinga Pro.

Photo: courtesy of AeroVironment.