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by AeroVironment (NASDAQ: OPEN) shares jumped 18% in extended trading Monday after the maker of military drones and unmanned vehicles turned a profit on better-than-expected revenue.
In its fiscal third quarter, AeroVironment (AVAV) reported net income of $13.9 million, or $0.50 per share. in contrast to a loss of $676,000, or $0.03 per share, a year earlier.
Adjusted earnings of $0.63 per share beat the average estimate of $0.34 per share among Wall Street analysts.
Revenue rose 38% from a year earlier to $186.6 million, as higher product sales more than offset lower service revenue. The consensus estimate was $172 million.
“Solid balance sheet results, fueled by record demand and strong operational execution, put us on track for our best year ever,” said Wahid Nawabi, CEO of AeroVironment (AVAV).
Management expects revenue of $700 million to $710 million and adjusted earnings of $2.69 to $2.83 per share for the full fiscal year.
The company had previously estimated revenue of $685 million to $705 million and adjusted earnings of $2.46 to $2.70 per share.