Shares of AeroVironment, a military drone maker, soared 22 percent in the premarket Wednesday after the company posted strong quarterly sales.
The company’s revenue for fiscal second-quarter 2018 hit $73.8 million, marking a 47 percent year-over-year increase. AeroVironment attributed the sales surge to a $23.2 million gain in drones sales.
AeroVironment’s strong revenue tricked down to its bottom line, as the drone maker’s earnings per share shattered Wall Street expectations. The company reported a profit of 29 cents a share, while analysts polled by Reuters expected a loss of 6 cents a share.
“Our outstanding team delivered another solid quarter of financial and operational results driven by robust, global customer demand across our business and continued effective execution,” CEO Wahid Nawabi said in a release.
AeroVironment’s stock has already had a stellar 2017, rising 61.2 percent.
Source: Investment Cnbc
Military drone maker's shares jump more than 20% after it announces booming sales