Shares in AeroVironment Inc. jumped more than 13 percent on Wednesday after reporting better than expected fourth quarter earnings.
The Monrovia unmanned aircraft and electric vehicle charger manufacturer reported net income of $8.1 million (35 cents a share) for the quarter ended April 30, compared with a loss of $795,000 (-4 cents) in the same period a year earlier. Revenue increased 36 percent to $73.5 million.
Analysts had estimated earnings per share of 22 cents for the quarter.
Company executives said improved sales in the unmanned aircraft business was a main contributor to the increased revenue. AeroVironment develops, builds and tests its aircraft in Simi Valley.
AeroVironment anticipates unmanned aircraft sales to continue rising as the Federal Aviation Administration works out allowing commercial operations of such aircraft in the U.S.
“We are well positioned to lead market adoption and capitalize on (new) opportunities,” AeroVironment Chief Executive Tim Conver said in a prepared statement.
Shares close up $4.09, or 13 percent, to $35.05 on Nasdaq.