AeroVironment, Inc. (NASDAQ:AVAV) stock surged in Thursday premarket trading after the defense technology company reported better-than-expected first-quarter results and boosted its guidance.
Funded backlog climbed 37% year over year to a record $1.5 billion. Total funded and unfunded backlog reached about $2.8 billion.
First-quarter book-to-bill was 1.4 times. Trailing 12-month bookings topped $3 billion, with a 1.5-times book-to-bill ratio.
Key awards included a $117 million P550 Long Range Reconnaissance contract, a $30 million Puma contract for Germany and a $51 million Switchblade 600 award.
LOCUST secured a nearly $465 million U.S. Army EHEL contract, which AeroVironment described as the U.S. military’s first production contract for directed-energy systems. The program also received its first international order.
