AeroVironment Beats Wall Street Estimates

AeroVironment Inc. beat Wall Street estimates on earnings and revenue in the fiscal fourth quarter. The Simi Valley unmanned aircraft manufacturer reported on Tuesday net income of $17.5 million (72 cents a share) for the quarter ending April 30, compared with net income of $5.7 million (24 cents) in the same period a year earlier. Revenue increased by 54 percent to $135 million. Analysts on average expected earnings of 70 cents on revenue of $124 million, according to Thomson Financial Network. Chief Executive Wahid Nawabi said that even with the COVID-19 pandemic, the AeroVironment team delivered exceptional results while maintaining a focus on safety and serving global customers. “We continue to build on our momentum as we enter fiscal year 2021 and are confident in our ability to enhance shareholder value over the near- and long-term,” Nawabi said in a statement. Shares of AeroVironment (AVAV) closed up $2.32, or more than 3 percent, to $71.91 on the Nasdaq, on a day when that market closed up 0.7 percent.