(Reuters) -AeroVironment’s shares soared on Wednesday after the company beat Wall Street expectations for fourth-quarter results, driven by sustained demand for its military drones.
Shares jumped 25% in early trading, on track for its biggest daily percentage rise since March 5 last year.
Defense sector demand for unmanned systems and military hardware continues to be robust, with analysts forecasting continued growth amid rising global tensions.
Revenue in the quarter rose 40% to $275.1 million, topping analysts’ expectations of $241.6 million, per LSEG data. Adjusted profit per share came in at $1.61, above consensus of $1.39.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Tasim Zahid)