AeroVironment Inc. shares jumped 13 percent in after-hours trading Tuesday when the drone aircraft maker reported higher quarterly sales and profit that beat Wall Street expectations.
After the markets closed, the Monrovia company reported fiscal third-quarter net income of $11.5 million (52 cents a share) for the quarter ended Jan. 29, compared with $6.5 million (30 cents) a year earlier. Revenue rose 39 percent to $84.4 million, with strong sales of both its unmanned aircraft systems and a separate business that makes charging systems for electric vehicles.
Analysts surveyed by Thomson Reuters on average expected the company to earn per-share profit of 38 cents on revenue of $78.5 million.
As of the end of the quarter, the company had a funded backlog of orders totaling nearly $104 million. The company now expects to achieve revenue growth of 12.5-15 percent for fiscal 2011, which is the upper half of its prior outlook range.
“Strong third quarter financial performance and sufficient backlog keep us on track to achieve our fiscal 2011 revenue growth and profitability goals,” said Chief Executive Tim Conver in a statement. “I believe we remain well-positioned for long-term growth.”
Shares earlier closed up 36 cents, or 1.3 percent, to $28.61 on the Nasdaq, and gained another $3.75, or 13 percent in after-market trading.
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