AeroVironment Inc. (NASDAQ: AVAV) shares surged more than 12% after the company reported a sharp rise in its third-quarter profit, as revenues increased 39% from last year driven by strong performance at its Unmanned Aircraft Systems segment.
The company’s third-quarter net income surged 76% to $11.45 million, or $0.52 per share from $6.52 million, or $0.30 in the prior year. The revenue for the third quarter increased 39% to $84.43 million from $60.86 million in the prior year. This increase in revenue was due to higher sales in the Unmanned Aircraft Systems, or UAS, segment and Efficient Energy Systems, or EES. The UAS revenues increased more than 30% to $71.73 million and EES revenues more than doubled to $12.70 million. The income from operations for the third quarter was $15.7�million, an increase of 85% from third quarter fiscal 2010 income from�operations of $8.5�million.
For the nine-month period, the company reported revenue of $186.4�million, an increase of 24% from the first nine months of fiscal 2010 revenue of $150.2�million. The increase in revenue was due to higher sales in its UAS�segment of $26.7�million and EES segment of $9.6 million. The income from operations was $8.8�million, up 37% from the first nine months of fiscal 2010 income from�operations of $6.4�million. The increase in income from operations was due to a higher gross margin of $14.1 million, partially offset by higher SG&A expense of $3.8 million and higher R&D expense of $7.9 million. The net income for the first nine months was $8.3�million, up 61% from the last year�s net income of $5.1�million. The earnings per diluted share recorded was $0.38, an increase of 65% from the last year�s earnings per share of $0.23.
The company expects to achieve revenue growth of 12.5% to 15% for 2011 as compared to the previous year, which is the upper half of its prior guidance range. The company also reconfirmed its operating income margin guidance of between 10% and 12% of revenue.
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