Raven Industries Q2 Profit Down - Quick Facts

(RTTNews) - Raven Industries Inc.'s (RAVN) second-quarter net income attributable to the company was $8.3 million, or $0.23 per share, down from $11.5 million, or $0.32 per share in the year ago quarter.

"As expected, the economic headwinds and near-term challenges we faced in the fiscal first quarter, persisted in our second quarter," said Daniel Rykhus, president and chief executive officer.

Quarterly sales were $93.4 million, versus $101.7 million in the prior-year second quarter. Sales rose modestly in the Engineered Films division and were down slightly in Applied Technology. Reflecting the current constraints on federal spending, Aerostar sales declined 23 percent.

"Looking ahead to the rest of the fiscal year, we have a strong balance sheet and have created technological leadership in our chosen markets. This gives us confidence for the long term, despite potentially volatile results as we transition to a more technology-driven company. We continue to expect a stronger second-half performance on a year-over-year comparative basis, but we do not believe that will be enough to deliver profit growth for the full year," Rykhus said.