Raven Moves Up on Stronger EMS Sales PDF Print E-mail
Written by Mike Buetow   
Tuesday, 20 November 2012 09:44

SIOUX FALLS, SD -- Raven Industries today reported sales at its Applied Technology division grew 12% from last year to $39.5 million, a record for the third quarter.

Operating income rose 6% to $12.3 million, also a third-quarter record. The Applied Technology unit includes most of the company's contract assembly work.

Overall third-quarter sales increased 4% to $97 million. Net income was $10.9 million, down 5% from a year earlier.

Year to date sales reached $316.6 million, up 11% from last year, and net income grew is up 5% to $41.5 million.

"There were encouraging developments within all of our divisions during the third quarter," said Daniel A. Rykhus, president and chief executive. "Applied Technology sales benefited from our consistent investment in new products and international expansion. Within Aerostar, Vista Research revenues helped to moderate aerostat volatility. Engineered Films saw improved demand for construction films -- and that helped offset a decline in energy sales."

 

Raven, which specializes in assembling printed circuit boards for guided steering systems for agricultural equipment, said international sales remained strong in the quarter, particularly in Brazil, Canada and South Africa, a trend it expects to continue. "For the fourth quarter, we continue to see positive trends in Applied Technology," Rykhus said.

 

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