Industrial manufacturer Raven Industries Inc. (RAVN) reported a drop in third quarter earnings from a year ago, as sales declined 20% owing to weak economic conditions.
Sioux Falls, South Dakota-based Raven's net income slipped 13% to $7.29 million or $0.40 per share from $8.39 million or $0.46 per share in the same period a year ago. On average, three analysts polled by Thomson Reuters expected the company to earn $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly sales dipped 20% to $60.16 million from $75.54 million in the prior year period. Revenues fell short of Street estimate of $62.88 million.
Commenting on the results, Ronald Moquist, chief executive officer, said, "As expected, our third quarter looked very similar to our first six months in terms of the overall tone of business. While sales comparisons to a year ago remain negative, we have been able to offset some of the top-line weakness with better operating margins."
Sales from Engineered Films division were $18.7 million for the quarter, down 30% from $26.8 million one year earlier, while Electronic Systems division sales declined 13% to $15.7 million from $17.9 million last year.
Aerostar division had sales of $5.9 million, a 9% increase from $5.4 million a year ago. Revenues from Applied Technology division dipped 19% to $21.0 million from $25.9 million in the same period last year.
For the first nine months, Raven's net income declined to $22.73 million or $1.26 per share from $26.08 million or $1.44 per share in the same period last year. Year-to-date, sales fell 17% to $181.97 million from $219.98 million in the same period in the previous year.
RAVN is trading at $26.40, down $0.74 or 2.73%, on a volume of about four thousand shares.
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