A Profitable Quarter
AeroVironment made a significant turnaround as it reported a profit in its latest results. The company attributed this success to strong demand and excellent operating execution.
Financial Performance
The third quarter ended Jan. 27 saw AeroVironment swing to a net income of $13.9 million, or 50 cents a share, compared to a loss of $676,000, or 3 cents a share, in the same period last year. Adjusted earnings came in at 63 cents a share, significantly surpassing analysts' estimates of 33 cents a share.
Revenue Growth
Revenue for the quarter increased to $186.6 million from $134.4 million, driven by higher product sales, although partially offset by lower service revenue. This growth exceeded the expectations of analysts, who had forecasted revenue of $170.6 million.
Positive Outlook
Chief Executive Wahid Nawabi expressed confidence in the company's performance, stating that the record demand and strong operating execution are positioning AeroVironment for its best year yet.
Future Projections
AeroVironment anticipates revenue in the range of $700 million to $710 million and adjusted earnings per share between $2.69 and $2.83 for fiscal 2024. This outlook represents an increase from previous guidance of revenue between $685 million to $705 million and adjusted earnings per share ranging from $2.46 to $2.70.
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