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AeroVironment posts Q1 beat on record backlog, points to continued demand
Funded backlog rose 37% year over year to $1.5 billion, while total backlog reached $2.8 billion and bookings totaled $0.7 billion with a 1.4x book-to-bill ratio.
AeroVironment delivered a Q1 revenue and earnings beat, supported by record backlog and continued demand for counter-drone technology, according to MarketBeat Ratings. The company reported revenue of $480.5 million, up about 6% and above the MarketBeat consensus estimate.
The backlog figures highlighted the visibility into upcoming quarters, with funded backlog at $1.5 billion, up 37% year over year, and total backlog of $2.8 billion. Recent orders included $500 million from the Army and international partners for advanced counter-drone technology, including ground-based lasers and unmanned aircraft.
Segment performance showed strength in Autonomous Systems, which rose 21%, offset by a 21% contraction in its smaller Space, Cyber, and Directed Energy segment. Looking ahead, the company reported $0.7 billion in bookings and a 1.4x book-to-bill ratio.
AeroVironment also cited margin improvement, widening GAAP and adjusted margins while narrowing GAAP losses and accelerating adjusted earnings growth. It reported $53.4 million in EBITDA and adjusted EPS of 59 cents, up 84% year over year, while reaffirming full-year guidance.