Raven Industries, Inc. (RAVN) Tuesday released the financial results for the second quarter ended July 31, 2012, reporting a marginal decline in net profit for the quarter despite rise in total revenues, negatively impacted by the continued volatility in its Aerostar Division.
The company, engaged in the design and manufacture of high quality, high value technical products, reported net income for the second quarter of $11.55 million or $0.32 per diluted share, 7 percent lower than net income of $12.46 million or $0.34 per diluted share, reported for the corresponding period in the previous year.
Sales for the second quarter of fiscal 2013 increased 13 percent to $101.67 million from $90.34 million reported for the year-ago period.
"We continue to benefit from favorable market dynamics in agriculture and energy—and we're leveraging these trends to drive revenue gains in our Engineered Films and Applied Technology Divisions," said Daniel A. Rykhus, president and chief executive officer. "Sales in these divisions continued at a record pace in the second quarter. Even though a difficult federal spending environment persisted, negatively impacting Aerostar's performance, we delivered a strong first half. The ability to do so once again highlights Raven's diversified model."
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