AeroVironment Inc (NASDAQ:AVAV) rallied Wednesday after reporting double-digit growth in third-quarter revenue.
For the three months ended January 26, the drone maker posted net income of $0.35 per diluted share on revenue of $75.3 million, which was up 38% year-on-year. AeroVironment posted a loss of $0.03 a year earlier.
Shares surged 21% to $93.36 in Wednesday’s Nasdaq trading.
READ: AeroVironment posts earnings beat in its fourth quarter
The Simi Valley, California, company reported a gross margin of 40%, up 7 percentage points from a year earlier.
“Our team delivered outstanding financial results in our third fiscal quarter,” CEO Wahid Nawabi said in a statement. “We continue to make strong progress against our financial and operational objectives and have established a strong foundation for fiscal year 2020.”
He added that the company continues to push efforts to grow, including the exercise of a one-time option to increase ownership in the HAPSMobile Inc. joint venture to 10% from 5%.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com