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Aug. 26, 2021 Source: Raven Industries news release Sioux Falls, S.D. (August 25, 2021) - Raven Industries, Inc. (the Company; NASDAQ:RAVN) today reported financial results for the second quarter that ended July 31, 2021. Second Quarter Fiscal 2022 Noteworthy Items *Company entered into an agreement to be acquired by CNH Industrial N.V. in an all-cash transaction that values the Company at approximately $2.1 billion, or $58.00 per share; *Consolidated net sales were $114.4 million, an increase of 34.3 percent versus the prior year; *Company reported diluted earnings per share of $0.19, an increase of 18.8 percent versus the prior year; *Second quarter results included $4.9 million pre-tax and $3.8 million after-tax of acquisition related expenses, or $0.10 per diluted share; *Company invested $5.2 million pre-tax and $4.1 million after-tax to advance Raven Autonomy™, or $0.11 per diluted share; *Net sales in Applied Technology increased 25.6 percent versus the prior year, driven by growth in both the OEM and aftermarket channels; *Engineered Films' net sales increased 57.5 percent versus the prior year as the division's end-markets continued their recovery from the adverse effects of the global pandemic, leading to year-over-year growth across all end-markets; *Aerostar delivered year-over-year growth within its core stratospheric and radar products, offset by the conclusion of Loon activity and timing of aerostat sales; *Aerostar acquired intellectual property and patents directly related to stratospheric balloon technology, augmenting its capabilities in autonomous constellations of high-altitude balloons. To read the entire report click here. Tweet |
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