Raven Industries Q2 Profit Slides - Quick Facts

(RTTNews) - Raven Industries Inc. (RAVN) Wednesday said second-quarter net income slipped to $7.7 million, or $0.21 per share, from $8.3 million, or $0.23 per share last year.

Sales grew to $94.5 million from $93.4 million in the prior-year second quarter.

Sales rose 14 percent in the Engineered Films division, which was offset by sales declines in the Applied Technology and Aerostar divisions.

Daniel Rykhus, Raven's President and CEO, said, "Consolidated sales and net income for the corporation fell short of expectations primarily due to persisting weakness in agriculture equipment markets. Within Aerostar, we are pleased that our work with Google is ramping successfully."

Raven expects double-digit declines in third-quarter net income, versus the record third quarter last year.

However, in the fiscal 2015 fourth quarter, management expects profit growth to resume, but not at a rate to produce higher earnings for the full fiscal year.