Wall Street has rewarded certain growth stocks handsomely this year. I believe now may be an opportune time to buy some of these high-flyers, even after the recent tech selloff. Most of the stocks I’ll be discussing today are outside the tech sector. I think they have a great chance to continue their upward trajectory.

These companies boast impressive top-line growth metrics. Their stocks have also demonstrated remarkable consistency over time. If they keep executing as they historically have, I expect explosive gains ahead.

Of course, past performance doesn’t guarantee future results. However, the businesses I’ve hand-picked have proven track records. They operate in industries with long growth runways. I expect them to harness those tailwinds and turn them into turbocharged gains. Here are seven such explosive growth stocks to look into.

AstraZeneca (AZN)

AstraZeneca (NASDAQ:AZN) is a global pharmaceutical giant. The company recently reported strong Q1 2024 results, with revenue growing 19% to $12.7 billion and core earnings per share rising 13% to $2.06. Most people associate AstraZeneca with its COVID-19 vaccine, but I believe the company’s future lies in its robust pipeline of new medicines. AstraZeneca aims to launch 20 new drugs by 2030, many with multi-billion dollar peak sales potential.

The company is also expanding into hot areas like obesity and vaccines through smart acquisitions and partnerships. Analysts are bullish, with some projecting AstraZeneca can deliver an industry-leading 8% annual sales growth through 2030. As of writing, AZN stock has already risen 19% year-to-date.

I expect this momentum to continue as AstraZeneca executes on its promising pipeline and benefits from favorable industry tailwinds. It also has a 2.5% dividend yield to sweeten the deal.

FTAI Aviation (FTAI)

FTAI Aviation (NASDAQ:FTAI) maintains and leases commercial jet engines, with a focus on CFM56 and V2500 engines. The company has been on an absolute tear lately, with its stock price more than doubling since January when I first wrote about it. FTAI Aviation just reported Q2 2024 results, beating revenue expectations with $443.59 million in sales, although it did post a net loss of $228 million. That net loss is not due to recurring expenses and the company is actually quite profitable. Net profit margin was 20.8% for all of 2023.

I believe the current valuation is quite lofty, but the aviation industry is booming, and FTAI’s unique business model of providing cost-saving engine maintenance services is paying off handsomely. The company has inducted 20 V2500 engines so far this year and expects to add 30 more by year-end. Its Module Factory now boasts over 50 worldwide customers.

Moreover, analysts remain very bullish, and if FTAI delivers on these high expectations, I think the stock could have a lot more runway ahead. The recent selloff has created some short-term turbulence, but the long-term trajectory looks promising as FTAI rides the strong industry tailwinds.

KKR & Co (KKR)

KKR & Co. (NYSE:KKR) is a leading global investment firm that offers alternative asset management solutions across private equity, real estate, credit and infrastructure. I believe this company is on track to become one of the biggest asset managers in the world thanks to its smart investment decisions. KKR has benefited from the recent market rally, which has helped boost its growth.

Nevertheless, we may be on the cusp of a market correction, so I’d be a bit careful in the near term. However, I wouldn’t shy away from investing in KKR for the long haul. The stock has been one of the best-performing among publicly traded asset managers, up 90% in the past 12 months.

KKR also reported strong financial results in its latest quarter, with $9.7 billion in revenue and $863.7 million in adjusted net income. The firm also raised its dividend. Ten out of 11 analysts now rate the stock a Buy.

MercadoLibre (MELI)

MercadoLibre (NASDAQ:MELI) is the leading e-commerce and fintech platform in Latin America. The company reported stellar first-quarter 2024 results that blew past analyst expectations.

I believe MercadoLibre is well on its way to becoming the Amazon (NASDAQ:AMZN) of South America, with the added bonus of having a thriving fintech business. Net revenue soared 36% year-over-year to $4.3 billion, while earnings per share jumped 70% to $6.78. Gross merchandise volume hit $11.4 billion, up 20% from a year ago.

MercadoLibre’s growth drivers are firing on all cylinders right now. Mercado Pago, its fintech arm, saw total payment volume surge 35% to $40.7 billion. The company is investing heavily in expanding in Brazil, its largest market, with plans to pour in a record $4.6 billion this year.

South American markets have had their challenges, but the overall trajectory is very positive. Argentina, once plagued by hyperinflation, has seen a monthly inflation drop dramatically from its December 2023 peak. Many other markets in the region use the stable U.S. dollar, both officially and unofficially.

DroneShield (DRSHF)

DroneShield (OTCMKTS:DRSHF) is an Australian company that provides counter-drone technologies to military and government customers worldwide. The stock has been very volatile, soaring to all-time highs before plummeting by nearly 50% in just over a week.

I believe the sharp pullback offers an attractive entry point for long-term investors. The rapid increase in drone usage, especially by non-Western countries, is creating a booming market for anti-drone systems. DroneShield is well-positioned to capitalize on this demand.

In the first quarter, DroneShield achieved record revenues of $16.4 million, a staggering 900% increase year-over-year. The company ended April with a $27 million order backlog and over $519 million sales pipeline. Cash receipts also hit a record $21.4 million in the first half of 2024.

However, not everyone is bullish. Some analysts argue that DroneShield is still overvalued compared to its financials. Noted short-seller Rodney Forrest called the valuation “wild” and has bet against the stock.

Personally, I’m optimistic about DroneShield’s future. The need for counter-drone tech will only intensify as cheap drones proliferate globally. The company has a strong balance sheet with $146 million cash and no debt to fuel its growth. The stock is still up 242% year-to-date, so I still consider it an explosive growth stock.

SPS Commerce (SPSC)

I’ve been cautious with tech stocks lately due to the recent pullback. Many still trade at nosebleed valuations, and the correction could get worse. However, I view SPS Commerce (NASDAQ:SPSC) as a more level-headed play.

The cloud industry continues to boom with no signs of slowing. I’m particularly bullish on the supply chain automation space. Retailers and logistics companies are rushing to automate as much as possible for the long term. SPS Commerce is well-positioned to capitalize on this megatrend.

The stock has been one of the most consistent performers over the past five years. It will be difficult for bears to knock it off course. That said, the upcoming earnings report could change things. The stock is still expensive, but the growth trajectory is quite predictable. Analysts expect around 15-16% annual sales and EPS growth, and the stock could follow that growth.

If you’re in it for the long run, I don’t think you’ll regret buying SPSC stock a few years from now.

Eli Lilly (LLY)

Eli Lilly (NYSE:LLY) has been on an absolute tear lately. That statement would probably be relevant at any time in the past six years. Its latest earnings report shows exactly why.

Lilly’s revenue jumped 26% in Q1 2024, driven by blockbuster sales of the diabetes drug Mounjaro and the new weight loss treatment Zepbound. Its financials are rock-solid, its pipeline is stacked and demand for its products isn’t going away. I expect this stock to keep climbing to new heights. Sometimes investing is simple: Find a great business with years of growth ahead and let it ride. Eli Lilly checks all the boxes right now.

Adjusted earnings per share hit $2.58, blowing past Wall Street estimates. Management is so confident that they raised full-year EPS guidance by $1.30 to $13.50 to $14.00.

I see plenty of runway ahead for Lilly. Obesity and diabetes rates sadly show no signs of abating. An aging population means more patients will need Lilly’s life-changing medicines. Analysts are overwhelmingly bullish, and the stock’s relative strength is top-notch. That said, growth is not infinite, and a Harris presidency could spell trouble for healthcare companies with fat margins.

On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor held a long position in AMZN.