Raven Industries Inc. (RAVN) said Friday its first-quarter earnings increased 21 percent from last year, mostly on growth at its Engineered Films and Applied Technology businesses.
Moving forward, the company expressed confidence in meeting its long-term target of 10 to 15 percent earnings growth. Following the results, Raven Industries shares gained 9 percent in afternoon trade on the Nasdaq.
Raven Industries' sales for the quarter rose 16 percent from last year. The company operates in four segments: Applied Technology, Engineered Films, Aerostar, and Electronic Systems.
Applied Technology sales for the quarter grew 29 percent from last year, and Engineered Films jumped 37 percent. Sales at Aerostar slid 29 percent from the prior year.
CEO Daniel Rykhus said, "We are capitalizing on favorable market dynamics in agriculture and energy."
"This produced a strong start to the year with excellent top- and bottom-line performances in our Engineered Films and Applied Technology Divisions...," said Rykhus.
Sioux Falls, South Dakota-based Raven Industries reported first-quarter net income of $19 million or $1.04 per share, compared to $15.7 million or $0.86 per share last year.
Sales for the quarter were $118 million, compared to $101.5 million in the prior year.
RAVN is trading at $63.65, up $5.31 or 9.10%, on the Nasdaq.
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