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Raven Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: June 4, 2012 05:21PM
Raven Industries Inc. (RAVN) filed Quarterly Report for the period ended 2012-04-30. Raven Inds Inc has a market cap of $1.18 billion; its shares were traded at around $65.47 with a P/E ratio of 22.1 and P/S ratio of 3.1. The dividend yield of Raven Inds Inc stocks is 1.3%. Raven Inds Inc had an annual average earning growth of 16% over the past 10 years. GuruFocus rated Raven Inds Inc the business predictability rank of 3-star.
Highlight of Business Operations:Fiscal 2013 first quarter net sales of $50.5 million grew $11.3 million, or 29%, and operating income of $20.9 million increased $5.9 million, or 39%, reflecting strong sales in field computers, application controls, information management and, in particular, guided steering systems that enhance farm yields and reduce operating costs. International sales continue to be strong for the first three months of fiscal 2013.
Net sales in the first quarter were down 29% to $10.8 million from $15.1 million in the previous year's first quarter. Aerostar reported an operating loss of $1.2 million, versus operating income of $4.1 million a year earlier. A difficult federal spending environment impacted aerostat orders during the three month period. Increased sales volume of T-11 Army parachutes and protective wear could not offset the negative impact of no tethered aerostat shipments.
International sales. Year-to-date international sales totaled $13.8 million, increasing 26% from a year ago. Products delivered to South America, Eastern Europe, South Africa, and Canada, generated the majority of the international sales growth. International sales accounted for 27% of total Applied Technology net sales in the first quarter compared to 28% at this time last year.
Operating expenses. First quarter operating expenses of 10.2% of net sales increased slightly from prior first quarter of 9.9% of net sales due to the division's continued investment in research and development expenses. R&D cost as compared to net sales in fiscal 2013 was 4.4% compared to 3.8% in the prior year.
Sales volumes and Volatility in aerostat deliveries. Net sales for the first quarter decreased $4.3 million, or 29% compared to the prior year primarily due to a $7.3 million decrease of tethered aerostat deliveries. Aerostat sales can vary significantly from quarter-to-quarter as reflected in the three-month year-over-year comparison. The decrease in aerostat deliveries was partially offset by an increase in T-11 parachute and spare part shipments and additional protective wear sales ($1.1 million) and Vista net sales of $2.6 million.
Stocks Discussed: RAVN,