AeroVironment Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.
The Monrovia unmanned aircraft manufacturer reported on Tuesday net income of $18.3 million (77 cents a share) on revenue of $117 million for the quarter ending April 30. That compares to net income of $30.5 million ($1.30) on revenue of $116 million for the same period a year earlier.
Analysts on average expected earnings of 54 cents on revenue of $116 million, according to Thomson Financial Network.
AeroVironment has announced the sale of the electric charging station business to Webasto Charging Systems Inc., although the announcement came in early June, not in the quarter reported Tuesday.
Chief Executive Wahid Nawabi said that as a company focused on the unmanned aircraft business, it enters the 2019 fiscal year from a position of strength.
“During the fiscal year, we identified significantly increased funding for our solutions in the fiscal 2019 U.S. government budget request, generated strong orders for Switchblade and positioned the company to capitalize on new opportunities in international small (drone systems),” Nawabi said in a statement.
AeroVironment develops, makes and tests its drone aircraft in Simi Valley.
Earnings results were released after the market closed. Shares of AeroVironment (AVAV) closed up $3.98, or nearly 7 percent, to $62.23 on the Nasdaq.