Drone maker AeroVironment soars to record after results beat

AeroVironment's AVAV.O shares up 24.8% at $241.25 on Weds after military drone maker's fiscal Q4 results top Wall Street's expectations

Stock rises as much as 29.3% to record intraday high of $250 so far, and on course for biggest daily pct gain since Mar 5, 2024

Arlington, Virginia based firm late Tues reported 40% y/y rev increase in qtr of $275.1 mln, topping consensus view of $242.7 mln, per LSEG data

Adj EPS of $1.61 was above $1.39 modeled by analysts

As of Apr 30, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated under a customer contract) was $726.6 mln compared to $400.2 mln at same point last year, it said

For fiscal year 2026 inclusive of acquisition of space and defense engineering firm BlueHalo, it expects rev of $1.9-$2 bln and adj EPS of $2.80-$3.00

Reacting to the report, Raymond James raised its PT by $25 to $225 and RBC hiked PT by $10 to $200

Of 8 brokerages covering AVAV, 6 rate "strong buy", 1 rates "buy" and 1 recommends "hold"; median PT is $210, latest LSEG data reflects

With move on the session, stock has roughly doubled QTD. Stock ended 2024 at $153.89