Why Shares of AeroVironment Are Up Today
Shares of AeroVironment (NASDAQ: AVAV) jumped 10% on Wednesday morning after the drone maker reported better-than-expected quarterly results and announced an acquisition.
After markets closed Tuesday, AeroVironment reported fiscal second-quarter adjusted earnings of $0.48 per share on revenue of $92.7 million, beating consensus estimates by $0.17 and $10 million, respectively. The quarter was messy, in part because the company took an impairment charge on its work with Alphabet on the Loon stratospheric-balloon internet service effort, but the core business is performing well.
A soldier deploys an AeroVironment drone. Image source: AeroVironment.
Source Fool.com
