Circuits Assembly Online Magazine - Raven Industries’ Q1 Revenue Flies Higher

SIOUX FALLS, SD – Raven Industries reported record first-quarter net income of $8.5 million, up 14% year-over-year. The company attributes its revenue growth to strong performance of its Flow Controls Division.

The company’s sales were $58.1 million, near last year's first quarter of $58.5 million, but Flow Controls revenues increased 21% to $19.8 million, compared with $16.3 million a year ago.

Electronic Systems sales, including the company’s EMS operations, were $14.4 million versus $15.1 million in 2006. Aerostar sales were $4.2 million versus $4.4 million last year.

While the Flow Controls Division saw a significant revenue increase, it was not enough to fully offset lower sales in the Engineered Films Division compared with the first quarter last year; the Engineered Films Division’s sales were $19.7 million, down 13% year-over-year.