Raven Industries Inc (RAVN) has reported an 123.82 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $12.35 million, or $0.34 a share in the quarter, compared with $5.52 million, or $0.15 a share for the same period last year. Revenue during the quarter surged 36.83 percent to $93.54 million from $68.36 million in the previous year period. Gross margin for the quarter expanded 474 basis points over the previous year period to 34.16 percent. Total expenses were 80.52 percent of quarterly revenues, down from 88.22 percent for the same period last year. This has led to an improvement of 770 basis points in operating margin to 19.48 percent.
Operating income for the quarter was $18.22 million, compared with $8.05 million in the previous year period.
“We are very pleased with our overall performance in the first quarter,” said Dan Rykhus, president and chief executive officer. “Both Applied Technology and Engineered Films drove significantly higher sales volume, resulting in operating leverage which led to strong incremental margins. Aerostar also achieved an improved financial performance.
Operating cash flow drops significantly
Raven Industries Inc has generated cash of $7.70 million from operating activities during the quarter, down 30.64 percent or $ 3.40 million, when compared with the last year period. The company has spent $2.84 million cash to meet investing activities during the quarter as against cash outgo of $1.44 million in the last year period. It has incurred capital expenditure of $2.78 million on net basis during the quarter, up 274.63 percent or $2.04 million from year ago period.
The company has spent $4.99 million cash to carry out financing activities during the quarter as against cash outgo of $10.80 million in the last year period.
Cash and cash equivalents stood at $50.48 million as on Apr. 30, 2017, up 53.94 percent or $17.69 million from $32.79 million on Apr. 30, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]