Shares of defense contractor AeroVironment, Inc. (AVAV) are up more than 14% in pre-market on Wednesday after reporting upbeat first-quarter results. The company also raised it full-year revenue outlook.
Net income was $21.9 million or $0.84 per share for the first quarter compared to a net loss of $8.4 million or $0.34 per share in the same quarter a year ago, helped by higher product sales.
Excluding special items, earnings were $1.00, that beat the average estimate of analysts polled by Thomson-Reuters of $0.26 per share.
Quarterly revenue increased 40% year-on-year to $152.3 million. The consensus estimate was for $128.5 million.
For the full year, AeroVironment now expects revenue to be between $645 million and $675 million, up from the prior outlook of $630 million – $660 million.
The company also reaffirmed its adjusted earnings outlook at $2.30-$2.60.
AeroVironment shares closed at $95.29, down 2.81%. The stock has bee trading in the range of $74.91 – $112.39 in the last 1 year.
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