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AeroVironment booms 28% as dronemaker capitalizes on defense spending surge
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- Aero Vironment shares skyrocketed 21% after the dronemaker easily blew past Wall Street's fiscal fourth-quarter estimates, benefiting from U.S. plans to modernize the military and secure space.
- The Virginia-based defense company more than doubled revenue from a year ago to $642 million, while funded backlog jumped 65% to $1.2 billion.
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Aero Vironment shares skyrocketed 21% after the dronemaker easily blew past Wall Street's fiscal fourth-quarter estimates, benefiting from U.S. plans to modernize the military and secure space.
The Virginia-based defense company more than doubled revenue from a year ago to $642 million, while funded backlog jumped 65% to $1.2 billion. Revenue for autonomous systems totaled $492 million, surpassing the $402 million StreetAccount expectations.
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