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 analyst expectations:
- Earnings: $1.61 per share adjusted vs $1.39 per share expected
- Revenue: $275 million vs $242 million expected
The 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.
The 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 revenues to range between $1.9 billion and $2 billion. The company forecast earnings between $2.80 and $3.00 per share.
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