AeroVironment shares jump 21% after dronemaker beats Q4 estimates on U.S. defense spending surge
By
Samantha Subin
Summary
AeroVironment shares surged 21% after the dronemaker reported fiscal Q4 results that far exceeded Wall Street expectations, with revenue more than doubling year-over-year to $642 million and funded backlog jumping 65% to $1.2 billion. The company's autonomous systems segment alone generated $492 million in revenue, beating StreetAccount estimates of $402 million. CEO Wahid Nawabi indicated the company is scaling manufacturing to meet unprecedented demand driven by U.S. military modernization and space security initiatives.
Source
bskyAeroVironment shares jump 21% after dronemaker beats Q4 estimates on U.S. defense spending surgecnbc.comKey quotes
· 1 pulledCEO Wahid Nawabi told analysts in a Monday earnings call that the company is scaling manufacturing to keep pace with unprecedented demand
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