Here's Why AeroVironment Stock Jumped 30.5% in September
's (NASDAQ: AVAV) stock soared 30.5% in September, according to data provided by S&P Global Market Intelligence. The defense robotics and autonomous systems company delivered a strong quarterly earnings report, raised its earnings guidance, and signaled a strong trend in its growth trajectory.
AeroVironment reported its first-quarter results (quarter-end Aug. 2) in early September. Reported revenue of $455.7 million beat the consensus estimate of $437.6 million, while adjusted earnings per share of $0.32 were just below the consensus estimate of $0.34. The quarterly results were the first to include its Blue Halo acquisition.
CEO Wahid Nawabi noted its record revenue and backlog across both the Autonomous Systems and Space, Cyber, and Directed Energy segments. Its funded backlog at the end of the quarter grew to $1.1 billion, up 47% quarter over quarter, while its unfunded backlog surged to $3.1 billion, up from $775 million at the end of April.
Source Fool.com
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