Shares of AeroVironment Inc. gained 18 percent on Wednesday, the day after reporting first quarter results on higher revenue that beat Wall Street expectation.

The Monrovia developer of unmanned aircraft systems reported after Tuesday's market close net income of $4.8 million (22 cents a share) for the quarter ended Aug. 2, compared with $3.8 million (18 cents) a year ago. Revenue rose 9 percent to $53.6 million.

Analysts on average were expecting earnings of 18 cents a share, before special items, on revenue of $50.9 million, according to Thomson Reuters. Sales at the company's unmanned aircraft systems segment rose 10 percent, while efficient energy systems revenue rose 3 percent.

For fiscal 2009, the company still expects revenue to grow between 20 percent and 25 percent over 2008. In fiscal 2008, AeroVironment posted revenue of $215.7 million. Analysts were expecting the company to post revenue of $263.7 million for fiscal 2009.

AeroVironment shares closed up $5.34 to $34.73 in Wednesday trading on the Nasdaq.

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