AeroVironment (AVAV - Free Report) reported earnings per share (EPS) of 99 cents in the fourth quarter of fiscal 2023, missing the Zacks Consensus Estimate of $1.02 per share by 2.9%. The company reported a significant improvement from earnings of the prior-year period.
For fiscal 2023, AeroVironment reported earnings of $1.26 per share compared with $1.06 per share reported in fiscal 2022. Earnings beat the Zacks Consensus Estimate by 0.8%.
Total Revenues
The company’s net sales increased 40% year over year to $186 million in the reported quarter. This was primarily driven by an increase in product sales of $67.6 million. Total sales surpassed the Zacks Consensus Estimate by 12%.
For fiscal 2023, AVAV reported total sales of $540.5 million, increasing 21% from the prior-year reported figure. Total sales beat the Zacks Consensus Estimate by 3.9%.
Segmental Performance
Product Sales: Net revenues in this segment increased 91.3% to $141.5 million from the prior-year quarter’s $73.9 million.
Contract Services: The segment’s revenues amounted to $44.5 million in the fourth quarter, reflecting a decline of 24.1% year over year.
Backlog
At the end of the reported quarter, AeroVironment’s total funded backlog was $424.1 million, up 101.2% quarter over quarter.
AeroVironment reported a gross profit that increased 41% year over year to $68.4 million, primarily due to the higher product margin of $31.1 million.
Financial Details
As of Apr 30, 2023, AVAV’s cash and cash equivalents totaled $132.9 million compared with $77.2 million as of Apr 30, 2022. Cash flow used in operating activities was $11.4 million at the end of the fourth quarter of fiscal 2023 compared to cash outflow from operating activities of $9.6 million in the prior-year period.
AeroVironment reported long-term debt (net of current maturities) of $125.9 million as of Apr 30, 2023, down from $177.8 million as of Apr 30, 2022.
2024 Guidance
AeroVironment initiated its view for fiscal 2024. The company expects non-GAAP earnings in the range of $2.30-$2.60 per diluted share. The Zacks Consensus Estimate for fiscal 2024 earnings is pegged at $2.28 per share, lower than the midpoint of the company’s projected view.
AVAV’s revenue guidance lies in the range of $630-$660 million. The Zacks Consensus Estimate for fiscal 2024 revenues stands at $622.5 million, lower than the midpoint of the company’s guided range.
AeroVironment’s non-GAAP adjusted EBITDA is anticipated between $110 million and $120 million.
Zacks Rank
AeroVironment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Defense Releases
HEICO Corporation’s (HEI - Free Report) second-quarter fiscal 2023 EPS of 76 cents beat the Zacks Consensus Estimate of 72 cents by 5.6%. The bottom line also improved 22.6% from the prior-year period’s 62 cents.
The company’s net sales increased 28% year over year to $687.8 million in the reported quarter, primarily driven by an improvement in the commercial aerospace market. Total sales also beat the Zacks Consensus Estimate of $654 million by 5.1%.
Textron Inc. (TXT - Free Report) reported first-quarter 2023 adjusted earnings of $1.05 per share, which surpassed the Zacks Consensus Estimate of 95 cents by 10.5%. The bottom line also improved by 8.2% from the year-ago quarter’s figure.
Total revenues came in at $3,024 million, which missed the Zacks Consensus Estimate of $3,078 million by 1.8%. However, the reported figure increased 0.8% from the year-ago quarter’s $3,001 million.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the quarter under review, the company posted GAAP earnings of 50 cents per share compared with the prior-year quarter’s earnings of 21 cents.
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AeroVironment (AVAV - Free Report) reported earnings per share (EPS) of 99 cents in the fourth quarter of fiscal 2023, missing the Zacks Consensus Estimate of $1.02 per share by 2.9%. The company reported a significant improvement from earnings of the prior-year period.
For fiscal 2023, AeroVironment reported earnings of $1.26 per share compared with $1.06 per share reported in fiscal 2022. Earnings beat the Zacks Consensus Estimate by 0.8%.
Total Revenues
The company’s net sales increased 40% year over year to $186 million in the reported quarter. This was primarily driven by an increase in product sales of $67.6 million. Total sales surpassed the Zacks Consensus Estimate by 12%.
For fiscal 2023, AVAV reported total sales of $540.5 million, increasing 21% from the prior-year reported figure. Total sales beat the Zacks Consensus Estimate by 3.9%.
Segmental Performance
Product Sales: Net revenues in this segment increased 91.3% to $141.5 million from the prior-year quarter’s $73.9 million.
Contract Services: The segment’s revenues amounted to $44.5 million in the fourth quarter, reflecting a decline of 24.1% year over year.
Backlog
At the end of the reported quarter, AeroVironment’s total funded backlog was $424.1 million, up 101.2% quarter over quarter.
AeroVironment reported a gross profit that increased 41% year over year to $68.4 million, primarily due to the higher product margin of $31.1 million.
Financial Details
As of Apr 30, 2023, AVAV’s cash and cash equivalents totaled $132.9 million compared with $77.2 million as of Apr 30, 2022. Cash flow used in operating activities was $11.4 million at the end of the fourth quarter of fiscal 2023 compared to cash outflow from operating activities of $9.6 million in the prior-year period.
AeroVironment reported long-term debt (net of current maturities) of $125.9 million as of Apr 30, 2023, down from $177.8 million as of Apr 30, 2022.
2024 Guidance
AeroVironment initiated its view for fiscal 2024. The company expects non-GAAP earnings in the range of $2.30-$2.60 per diluted share. The Zacks Consensus Estimate for fiscal 2024 earnings is pegged at $2.28 per share, lower than the midpoint of the company’s projected view.
AVAV’s revenue guidance lies in the range of $630-$660 million. The Zacks Consensus Estimate for fiscal 2024 revenues stands at $622.5 million, lower than the midpoint of the company’s guided range.
AeroVironment’s non-GAAP adjusted EBITDA is anticipated between $110 million and $120 million.
Zacks Rank
AeroVironment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Defense Releases
HEICO Corporation’s (HEI - Free Report) second-quarter fiscal 2023 EPS of 76 cents beat the Zacks Consensus Estimate of 72 cents by 5.6%. The bottom line also improved 22.6% from the prior-year period’s 62 cents.
The company’s net sales increased 28% year over year to $687.8 million in the reported quarter, primarily driven by an improvement in the commercial aerospace market. Total sales also beat the Zacks Consensus Estimate of $654 million by 5.1%.
Textron Inc. (TXT - Free Report) reported first-quarter 2023 adjusted earnings of $1.05 per share, which surpassed the Zacks Consensus Estimate of 95 cents by 10.5%. The bottom line also improved by 8.2% from the year-ago quarter’s figure.
Total revenues came in at $3,024 million, which missed the Zacks Consensus Estimate of $3,078 million by 1.8%. However, the reported figure increased 0.8% from the year-ago quarter’s $3,001 million.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2023 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 28.2%. The bottom line improved massively from the year-ago earnings of 22 cents per share, highlighting solid growth of 127.3%.
In the quarter under review, the company posted GAAP earnings of 50 cents per share compared with the prior-year quarter’s earnings of 21 cents.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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