Drone maker AeroVironment shares pop 24% on earnings beat

AeroVironment stock rocketed more than 24% higher Wednesday as the drone maker beat fourth quarter expectations on the top and bottom lines.

Here's how the company did compared to analyst expectations:

• Earnings: $1.61 per share adjusted vs $1.39 per share expected
• Revenue: $275 million vs $242 million expected

The company reported financial results after market close Tuesday and logged record fiscal year revenue of $820.6 million, up 14% over the prior period.

AeroVironment reported net income of $16.66 million for the fourth quarter, or 59 cents per share, compared to net income of $6.05 million, or 22 cents per share, last year.

The company closed the $4.1 billion acquisition of defense tech company BlueHalo on May 1. BlueHalo makes drone and defense technology such as laser weapon systems, with a focus on space tech.

"Our acquisition of BlueHalo further advances our leadership position within the defense-technology sector by adding a complementary portfolio of innovative products and capabilities aligned to our customers' highest priorities," AeroVironment CEO Wahid Nawabi said in a statement.

For the new fiscal year, the company said it expects revenues to range between $1.9 billion and $2 billion. The company forecast earnings between $2.80 and $3.00 per share.

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