AeroVironment Inc. (NASDAQ: AVAV) shares surged nearly 12% to $31.88 in today’s mid-day trading, powered by its fiscal third quarter 2011 results reported yesterday after market close.
Revenue for the third quarter of fiscal 2011 was $84.4?million, up 39% from third quarter fiscal 2010 revenue of $60.9?million.
Income from operations for the third quarter of fiscal 2011 was $15.7?million, up 85% from third quarter fiscal 2010 income from?operations of $8.5?million. The increase in income from operations was primarily due to a higher gross margin of $10.6 million, partially offset by higher selling, general and administrative (SG&A) expense of $0.7 million and higher research and development (R&D) expense of $2.7 million.
Net income for the third quarter of fiscal 2011 was $11.5 million, or $0.52 earnings per diluted share, up 76% from third quarter fiscal 2010 net income of $6.5?million, or $0.30 earnings per diluted share.
For fiscal year 2011, AeroVironment said it now expects to achieve revenue growth of 12.5% to 15% over fiscal year 2010, which is the upper half of its prior guidance range; the company also reiterates its guidance for an operating income margin between 10% and 12% of revenue.
AeroVironment develops, produces and supports unmanned aircraft systems. The company also develops efficient energy systems for various government agencies and industries. AeroVironment provides surveillance and intelligence support. The company also produces clean transportation solutions and alternative payload modules. The company serves various types of clients including organizations under the United States department of defense.
AeroVironment reported its total current assets at $245.595 million for the year ending April 30, 2010. Its total assets were worth $281.971 million for the same time period. AeroVironment had valued its total liabilities at $48.551 million. The company ! had repo rted its revenue at $249.518 million and its gross profit for the year at $96.826 million. AeroVironment's net income for the year stood at $20.716 million.
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