Stock of drone maker AeroVironment soars after strong earnings report

Shares of AeroVironment Inc., a drone manufacturer based in Monrovia, soared Wednesday after the company reported strong second-quarter earnings, boosted by a growth in sales of unmanned aircraft systems. AeroVironment stock was up as much as 34% on Wednesday morning before losing some of its gains. It was up 26% at $54.49 around noon Pacific time. The company held its second-quarter earnings call with analysts Tuesday afternoon and reported revenue of $73.8 million, a 47% increase compared with the same period last year. AeroVironment attributed the gain to increased sales of unmanned aircraft systems, which includes drones, on-board cameras and sensors and ground control stations.