AeroVironment Inc AVAV shares are moving around in Tuesday’s after-hours session after the company reported mixed fiscal third-quarter results.
- Q3 Revenue: $134.4 million beat estimates of $125.49 million
- Q3 EPS: $0.33 missed estimates of $0.41
AeroVironment said revenues jumped 49% on a year-over-year basis while the company’s backlog climbed 83%.
AeroVironment’s top-line results reflect strong, growing demand for its unmanned robotics solutions, particularly driven by a “significant rise” in orders for its advanced Puma and Switchblade systems.
“This quarter’s performance sets the stage for a strong finish to fiscal 2023 – a transformational year for the Company – and we have modestly increased our top line guidance accordingly,” said Wahid Nawabichairman, president and CEO of AeroVironment.
We have also reduced our EPS guidance based on two non-cash impacts; accelerated depreciation tied to our Medium UAS business and greater than expected unrealized losses tied to our equity investments.”
For fiscal year 2023, AeroVironment now expects revenue to be between $510 million and $525 million and adjusted earnings to be in a range of $1.13 to $1.33 per share.
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AVAV Price Action: AeroVironment shares were up 4.5% after hours at approximately $91.50 before pulling back and turning negative. The stock was down 0.65% at the time of writing, according to Benzinga Pro.
Photo: courtesy of AeroVironment.
