finance
AeroVironment Shares Rise More Than 30 Percent After Earnings Beat and Proposed Defense Budget Increase
AeroVironment reported fiscal fourth-quarter revenue of $642 million, more than doubling from a year earlier. The defense contractor's funded backlog reached $1.2 billion as autonomous systems revenue exceeded analyst estimates.
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AeroVironment shares rose more than 30 percent after the company reported fiscal fourth-quarter revenue of $642 million, more than double the prior-year amount, Cnbc reported. Funded backlog reached $1.2 billion at quarter end, a 65 percent increase from one year earlier.
Autonomous systems revenue totaled $492 million, above the $402 million expected by Wall Street analysts, according to StreetAccount data cited by Cnbc.
The Virginia-based company said acquisitions of BlueHalo and Empirical Systems Aerospace contributed $282.3 million to the quarter's results. " Cnbc reported that the Department of Defense budget request includes $75 billion for drones in 2027 while the Trump administration seeks a $1.5 trillion defense budget.
Shares of Kratos Defense and Security Solutions rose 7 percent, Red Cat gained 5 percent and Unusual Machines added 9 percent on the same trading day, Cnbc reported.
