AeroVironment shares jump nearly 19% after fiscal Q4 results top estimates

According to CNBC, AeroVironment shares surged nearly 19% after the dronemaker topped Wall Street’s fiscal fourth-quarter estimates. The company more than doubled revenue from a year earlier to $642 million, while funded backlog rose 65% to $1.2 billion; autonomous systems revenue totaled $492 million versus $402 million expected by StreetAccount. CEO Wahid Nawabi said on a Monday earnings call that the company is scaling manufacturing to meet what he described as unprecedented demand. Other drone-related stocks also rose, with Kratos Defense and Security Solutions up 6%, Red Cat up 3%, and Unusual Machines up 16%. AeroVironment said its BlueHalo and Empirical Systems Aerospace acquisitions contributed $282.3 million in revenue in the quarter.