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Jul 29, 2023
AeroVironment Q1 2024 Earnings Report
AeroVironment achieved record first-quarter results with significant revenue growth and increased profitability.
Key Takeaways
AeroVironment reported a strong first quarter in fiscal year 2024, marked by a 40% increase in revenue compared to the previous year. The company's net income saw a substantial rise, and it achieved a record funded backlog, reflecting strong demand and successful bookings during the quarter. They are also raising full year guidance to reflect our improved outlook for the Company.
Revenue increased by 40% year-over-year, reaching $152.3 million.
Net income saw a 361% increase, reaching $21.9 million.
Funded backlog reached a record $539.7 million, a 27% increase from the prior quarter.
The company is raising revenue and Non-GAAP adjusted EBITDA guidance ranges for the full year.
Forward Guidance
For fiscal year 2024, the Company now expects revenue of between $645 million and $675 million, net income of between $51 million and $59 million, Non-GAAP adjusted EBITDA of between $117 million and $127 million, earnings per diluted share of between $1.91 and $2.21 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.30 and $2.60.
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Avg. Return Before/After Earnings
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