Shares of AeroVironment (NASDAQ: AVAV) surged 14.9% on Thursday after the defense contractor delivered solid operating results and confirmed its full-year financial forecast.

AeroVironment's revenue rose 7% year over year to $108.5 million in its fiscal 2023 first quarter, which ended on July 30. The gains were fueled in part by growth in the company's tactical missile systems and small unmanned aircraft systems segments.

Moreover, AeroVironment's gross margin expanded to 31% from 28% in the prior-year quarter, as it sold more of its most profitable products. Its gross profit, in turn, jumped 17% to $33.7 million.

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Source Fool.com