Shares in AeroVironment Inc. leapt nearly 6 percent Wednesday after the unmanned aircraft maker reported jumps in second-quarter profit and sales and reaffirmed its annual guidance.
AeroVironment reported net income of $5.2 million (24 cents per share) for the quarter ended Oct. 27, up 5.5 percent from the same period a year earlier. Analysts polled by Thomson Financial expected earnings of 21 cents per share.
Revenue for the Monrovia-based company jumped 19 percent to $53.7 million on strong military sales. Wall Street analysts projected revenue of $50.7 million.
AeroVironment also reaffirmed its fiscal 2008 revenue growth projections 20 percent to 25 percent, resulting in sales of $208 million to $217 million, which meets analysts expectations.
Shares in AeroVironment gained 5.5 percent to $25 in afternoon trading Wednesday on the Nasdaq.
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