AeroVironment (NASDAQ: AVAV) stock fell 15% through 11:50 a.m. ET Thursday despite beating earnings in its fiscal Q4 2024 report last night. Analysts forecast the maker of small military drones would earn $0.22 per share on $188.6 million in quarterly sales. In fact, AeroVironment earned $0.43 per share on sales of $197 million.

Investors are selling off AV stock regardless.

Nor are they necessarily wrong to do so. AeroVironment's Q4 earnings come with significant caveats -- and its guidance wasn't great, either. First, the $0.43 in "earnings" that the company reported was of the pro forma variety. When calculated according to generally accepted accounting principles (GAAP), AV's Q4 profit was only $0.22 per share -- exactly what Wall Street predicted -- raising questions about whether the company actually "beat earnings" at all.

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Source Fool.com