Raven Industries Q1 Profit Down - Quick Facts

(RTTNews) - Raven Industries Inc. (RAVN) said that its first-quarter net income of $11.0 million or $0.30 per share, down from $14.0 million or $0.38 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales dropped to $102.5 million, from $103.7 million in the prior-year first quarter. Sales rose 22 percent in the company's Engineered Films division. This was offset, though, by sales declines in the Applied Technology and Aerostar divisions.

For the fiscal 2015 second quarter, Raven expects to see solid growth in Engineered Films revenues from multiple end markets, improvement in Aerostar stemming from all three proprietary product lines, and higher OEM deliveries in Applied Technology. These are expected to be partially offset by ongoing declines in lower-margin contract manufacturing customers and uncertain agricultural aftermarkets. The company expects year-over-year profit growth in the second quarter. For the 2015 fiscal year, management anticipates continued agricultural uncertainty in North America for Applied Technology. Engineered Films should continue to grow and Aerostar will show mixed results.