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Raven Reports Q3 Sales Up 22% YoY |
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Written by Chelsey Drysdale
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Wednesday, 19 November 2008 |
SIOUX FALLS, SD – Raven Industries Inc. reported third-quarter Electronic Systems division sales of $17.9 million, down 12% year-over-year. Operating income was down 49% to $1.8 million.
However, strong demand for flow controls division products lifted revenues and earnings to new highs for the third quarter and year-to-date ended Oct. 31. Third-quarter sales grew 22% year-over-year to $75.5 million. Net income was $8.4 million, up 13% compared to the same quarter last year.
For the nine months, sales of $220 million represented a 25% improvement over the same period in 2007, while net income expanded 20% to $26.1 million.
For the quarter, sales at the flow controls division expanded 61% from a year ago, to $25.9 million. Year-to-date revenues were up 75%, reaching $83.5 million.
Electronics Systems’ sales for the nine-month period were down 11%, to $45.9 million, and operating income was $3.7 million, down 56% year-over-year.
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