AeroVironment Inc.
(NASDAQ:AVAV) stock surged more than 34% in Tuesday's premarket session after the defense technology company reported stronger-than-expected fourth-quarter revenue and earnings, driven by robust demand for its drone and loitering munition systems.
The company has benefited from higher global defense spending since the war in Ukraine began, as governments increased investments in drones, loitering munitions, and counter-drone technologies.
Strong Revenue And Earnings Beat AeroVironment reported fourth-quarter revenue of $641.62 million, topping analysts' estimates of $558.81 million.
Organic revenue increased 31% year over year, supported by strong demand for Switchblade loitering munitions, Titan Counter-UAS systems, Red Dragon one-way attack systems and JUMP 20 tactical drones.
