05:42 AM EST, 03/05/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

AeroVironment's ( AVAV ) shares surged more than 18% in premarket activity on Tuesday after the company reported fiscal Q3 earnings almost doubled, beating expectations, and strong revenue growth was also above forecast.

Late on Monday, the company reported Q3 non-GAAP net income of $0.63 per diluted share, up from $0.33 a year earlier.

Analysts polled by Capital IQ expected $0.34.

Revenue for the quarter ended Jan. 27 was $186.6 million, up from $134.4 million a year earlier.

Analysts surveyed by Capital IQ expected $172.1 million.

For fiscal 2024, the company is projecting non-GAAP EPS of $2.69 to $2.83. Analysts polled by Capital IQ are looking for $2.75.

Revenue in fiscal 2024 is expected between $700 million and $710 million. Analysts are expected $701.7 million.