Raven Industries Inc. (RAVN) filed Quarterly Report for the period ended 2009-10-31.
Raven Industries operates three business segments: Plastics, Electronics and Sewn Products. It manufactures products such as ultrathin and reinforced plastic films, large-volume plastic and fiberglass tanks, and superior performance outerwear. The company also makes industrial controls, computerized flow control hardware and software, and ultrasonic soil-depth control devices as well as high altitude research balloons for NASA, the historic core product of the company which has led to a variety of other products based on this foundation technology. Raven Industries Inc. has a market cap of $515.2 million; its shares were traded at around $28.59 with a P/E ratio of 19 and P/S ratio of 1.8. The dividend yield of Raven Industries Inc. stocks is 2%. Raven Industries Inc. had an annual average earning growth of 25.6% over the past 10 years. GuruFocus rated Raven Industries Inc. the business predictability rank of 3.5-star.
Highlight of Business Operations:
Fiscal 2010 third quarter net sales of $21.0 million decreased $4.9 million (19%) and operating income of $6.9 million fell $1.2 million (15%) compared to the third quarter of fiscal 2009. Year-to-date net sales of $69.0 million dropped $14.5 million (17%) and operating income of $21.6 million decreased $7.0 million (25%) compared to last year’s comparable period. Economic uncertainty has dampened grower sentiment resulting in lower sales volume and profits. Growers anticipate lower farm income as commodity price declines have outpaced the drop in input costs.
Fiscal 2010 third quarter net sales of $18.7 million fell $8.2 million (30%) and operating income of $3.0 million declined $685,000 (18%) versus the third quarter of fiscal 2009. Year-to-date net sales of $47.0 million dropped $28.3 million (38%) and operating income of $7.8 million decreased $3.3 million (29%) compared to fiscal 2009’s comparable period. The decline in sales and profitability was driven primarily by lower shipments of pit liners used in the energy exploration market. Oil and gas drilling activity has decreased, reflecting lower oil prices and economic uncertainty. Additionally, the continuation of a weak construction market
Fiscal 2010 third quarter net sales of $15.7 million decreased $2.2 million (13%) and operating income of $1.6 million fell $237,000 (13%) compared to last year’s third quarter. Quarterly results were negatively impacted by raw material supply issues, which resulted in additional costs and time delays. Year-over-year net sales of $49.7 million grew $3.8 million (8%) and operating income of $7.0 million increased $3.3 million (91%). Year-to-date results were positively impacted by solid shipments of printed circuit boards for the aviation industry and secure communication devices, along with production efficiencies.
Fiscal 2010 third quarter net sales of $5.9 million grew $479,000 (9%) and operating income of $1.3 million expanded $346,000 (38%) compared to last year’s third quarter. Year-over-year net sales of $18.3 million were up $1.3 million (8%) and operating income of $3.6 million improved $1.1 million (46%). The positive results reflect increased shipments of MC-6 Army parachutes partially offset by a decline in protective wear shipments.
RAVN is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Chuck Royce of ROYCE & ASSOCIATES.
Rate This Article: |
  |