Rocket Lab stock continued its journey to the moon after strong results and a bevy of impressive business announcements.
The space launch services and technology provider reported a first-quarter gross profit of $76.5 million from sales of $200.3 million on Thursday. Wall Street was looking for a profit of about $73 million from sales of about $190 million.
A year ago, Rocket Lab reported a gross profit of $35.2 million from sales of $122.6 million.
Looking ahead, Rocket Lab expects second-quarter sales of $225 million to $240 million. Wall Street currently projects $205 million.
Rocket Lab stock was up 26% in early trading.
The jump is impressive considering the starting point. Through Thursday trading, Rocket Lab stock was up more than 250% over the past 12 months.
Its own growth has helped, but interest in the commercial space economy has exploded, partly thanks to the coming IPO of SpaceX, which is expected to set records.
“We remain bullish,” wrote Cantor Fitzgerald analyst Andres Sheppard on Friday, noting that the first launch of Rocket Lab’s larger rocket, Neutron, is on track for later this year.
Neutron is Rocket Lab’s larger rocket that will open up more launch business for the company. Sheppard rates shares Buy and has a $96 price target for the stock.
Along with the Neutron update, solid results, and guidance, Rocket Lab also reported business wins.
Rocket Lab and RTX were selected to demonstrate interceptor capabilities for the U.S. Space Force. Anduril will use Rocket Lab for hypersonic weapons test flights. And Rocket Lab is buying robotics company Motiv.
That’s quite a quarterly update. “We completed successful orbital launches and hypersonic test missions, introduced new space systems products, including the highly sought-after Gauss satellite electric propulsion system, have been selected to support the Department of War’s Space Based Interceptor program under Golden Dome for America,” said the company in a news release.
“Rocket Lab continues to lead on execution and growth,” it added.