SIOUX FALLS, SD – Raven Industries today announced first-quarter sales of $75.2 million, up 29% year-over-year. Most of the increase was a result of strong sales from the Flow Controls division, the firm said. 
 
Net income was $10.9 million, up 27% compared to last year’s first quarter.
 
Electronic Systems division sales, which includes Raven’s EMS operations, were $13.3 million, down 8% compared to the same period last year. Operating income decreased 73% to $640,000.
 
"While the Electronic Systems Division is working hard to replace the $7 million in annual revenue from the customer that was lost, this will take some time to accomplish," said CEO Ronald M. Moquist.
 
Flow Controls sales reached $34.8 million, up 76%. International sales more than doubled and accounted for 19% of the division's revenues, the company said, while operating income improved 90% to $13.5 million compared to last year.

• Prev
• Next