NEW YORK ( TheStreet) -- AeroVironment (AVAV) shares leapt in extended trading on Tuesday after the Monrovia, Calif.-based maker of unmanned aircraft reported an above-consensus quarterly profit and gave a bullish outlook for the current fiscal year.
The company, which also develops electric vehicle charging systems, said it earned $17.6 million, or 79 cents a share, on revenue of $106.1 million for its fiscal fourth quarter ended in April, up from a year-ago equivalent profit of $15.6 million, or 71 cents a share, on revenue of $99.4 million, and ahead of the average estimate of analysts polled by
Thomson Reuters for earnings of 69 cents a share on revenue of $99.1 million.
The company said its funded backlog had swelled to $82.9 million as of April 30, a 13% increase from $72.3 million at the same time a year ago. For fiscal 2012, ending next April, AeroVironment forecast earnings of $1.28 to $1.35 a share on revenue ranging from $321 million to $336 million. The current average analysts' view for the full year is for earnings of $1.24 a share on revenue of $318.8 million.
"Electric vehicle charging solutions and digital Puma unmanned aircraft systems successfully transitioned from development to production programs with attractive long-term growth prospects, while other innovative developments progressed toward customer adoption," said Tim Conver, the company's chairman and CEO, in a statement, adding later that AeroVironment is seeing "strong demand" for its products.The stock was last quoted at $31.61, up 10.5%, on after-hours volume of nearly 80,000, according to Nasdaq.com. Based on a regular session close at $28.61, the shares were up 6.7% year-to-date, although they've pulled back since hitting a 52-week high of $35.96 on April 1. Wall Street had some reservations about AeroVironment ahead of the report with 10 of the 16 analysts covering the stock at hold.
Asia Entertainment & Resources Ltd.Asia Entertainment & Resources (AERL) shares jumped after the Hong Kong-based provider of VIP gaming promotional services in Macau, China said its board has approved a semi-annual cash dividend of 10 cents a share, and authorized plans to buy back up to 2 million shares.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV