Raven Industries posts better-than-expected Q2 results
(Reuters) - Industrial manufacturer Raven Industries Inc (RAVN.O) posted better-than-expected quarterly results, driven by strength in its flow controls division.
The company posted second-quarter earnings of $6.8 million, or 38 cents a share, compared with $5.8 million, or 32 cents a share, a year earlier.
Sales rose 24 percent to $69.3 million.
Two analysts on average expected earnings of 32 cents a share, excluding items, on revenue of $62 million, according to Reuters Estimates.
Sales in its flow controls division surged 93 percent to $22.7 million, helped by strong demand for precision agriculture products as growers tried to combat rising fertilizer and fuel costs.
Sales at its Aerostar unit, which sells high-altitude research balloons and military parachutes, rose 49 percent to $5.5 million.
The company said it expects a single-digit year-over-year net income growth for the third quarter.
Shares of the company rose to a high of $43.59 before paring gains to trade up 26 cents at $41.50 Tuesday morning on Nasdaq.
(Reporting by Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)
