AeroVironment Inc. · Q1 2024 earnings

Briefing

AeroVironment achieved record first-quarter results with significant revenue growth and increased profitability.

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.

Headline financials

Revenue & EPS history

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.