AeroVironment stock rocketed more than 24% higher Wednesday as the drone maker beat fourth-quarter expectations on the top and bottom lines.
Here’s how the company did compared to analysts’ expectations:
Earnings: $1.61 per share adjusted vs. $1.39 per share expected Revenue: $275 million vs. $242 million expectedThe company reported financial results after market close Tuesday but shares skyrocketed Wednesday morning as CNBC’s Jim Cramer called it “the Palantir of hardware” on “Squawk on the Street.”
The company logged record fiscal-year revenue of $820.6 million, up 14% over the prior period.
AeroVironment reported net income of $16.66 million for the fourth quarter, or 59 cents per share, compared to net income of $6.05 million, or 22 cents per share, last year.
Nvidia CEO Huang sells $15 million worth of stock, first sale of $873 million planJudge rules Anthropic did not violate authors’ copyrights with AI book trainingAmazon bringing faster delivery to thousands of small towns and citiesUber, Waymo robotaxi service opens to passengers in AtlantaThe company closed the $4.1 billion acquisition of defense tech company BlueHalo on May 1. BlueHalo makes drone and defense technology such as laser weapon systems, with a focus on space tech.
“Our acquisition of BlueHalo further advances our leadership position within the defense-technology sector by adding a complementary portfolio of innovative products and capabilities aligned to our customers’ highest priorities,” AeroVironment CEO Wahid Nawabi said in a statement.
For the new fiscal year, the company said it expects revenue to range between $1.9 billion and $2 billion. The company forecast earnings between $2.80 and $3.00 per share.
WATCH: AeroVironment CEO on European defense spending boost, U.S. defense spending and Trump
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