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AeroVironment shares surged 19% after the dronemaker posted an earnings beat, with autonomous system revenue coming in $90 million ahead of expectations.
The company's order backlog grew to $1.2 billion, signaling that customers are committing to future deliveries at a pace that outstripped consensus.
Together, the revenue beat and the backlog growth present a picture of a defense technology supplier whose pipeline is expanding faster than the market had anticipated.
What the $90 Million Beat Tells Investors Autonomous system revenue was the primary driver of the earnings beat, running $90 million above what analysts had forecast.
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