SIOUX FALLS, SD -- Raven Industries today reported its Electronic Systems division's first-quarter sales rose 22% over last year to $16.2 million.

The unit's operating income was $2.5 million, up nearly four-fold from $640,000 for last year.

For the three months ended April 30, overall net income dropped 15% to $9.2 million on sales of $65.2 million, down 13% from last year.

"Electronic Systems continued its turnaround from a very weak first half last year," chief executive Ronald M. Moquist said. "Profitability increased because of facility consolidations and cost reductions put into place over the past year. We also are seeing operating efficiencies improve from our use of Kaizen-based manufacturing projects."

"Uncertainty in the U.S. agricultural market led growers to defer decisions on equipment purchases, which had been particularly strong last year," Moquist said. The energy and commercial construction markets remained soft, he added.

• Prev
• Next