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Shares of AEVEX (NYSE:AVEX) climbed more than 13% on Thursday after the defense technology provider raised its full-year growth targets.
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AEVEX's third-quarter revenue jumped 56.5% year over year to $189.7 million.
The conflicts in Ukraine and the Middle East are driving demand for AEVEX's unmanned aircraft systems (UAS) and support services. The drone maker's airborne systems revenue rose 67% to $147.8 million.
Additionally, the defense contractor's maritime systems revenue increased sevenfold to $14.4 million. AEVEX completed its acquisition of BlackSea, a leading provider of unmanned surface and subsea vessels, on Sept. 8.
"BlackSea brings one of the Navy's most operationally deployed unmanned surface systems, significant production capacity, and trusted customer relationships," CEO Roger Wells said.
All told, AEVEX's earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 73% to $30.8 million.
Strong ongoing sales trends prompted AEVEX to lift its full-year guidance.
Management now expects revenue of $820 million to $840 million and adjusted EBITDA of $128 million to $132 million in 2026. That's up from a prior forecast of $700 million to $720 million and $105 million to $111.5 million, respectively.
"We are scaling production, broadening our mission and customer reach, investing ahead of the threat, and building a differentiated multi-domain autonomous systems company," Wells said.
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Why AEVEX Stock Is Up Today was originally published by The Motley Fool
