11:21 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 29% in recent Tuesday trading 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 expecting $701.7 million.

Price: 168.69, Change: +38.04, Percent Change: +29.12