Defense contractor AeroVironment (NASDAQ: AVAV) surged in pre-market trading on Wednesday after the company swung to a profit in Q1. The company reported an adjusted profit of $1 per share in Q1 as compared to a loss of $0.08 per share in the same period last year and above consensus estimates of $0.26 per share.
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AeroVironment posted revenues of $152.3 million in Q1, an increase of 40% year-over-year, beating Street estimates of $128.5 million.
As of July 29, 2023, the funded backlog was $539.7 million, up by 27% from the prior quarter. Funded backlog is defined as “remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract.”
Looking forward, in FY24, the company now expects revenues between $645 million and $675 million while adjusted earnings are likely to range from $2.30 to $2.60 per diluted share.
Analysts are bullish about AVAV stock with a Strong Buy consensus rating based on four unanimous Buys.
