Sioux Falls-based Raven Industries announced another record fiscal quarter this week.
The company's net income during its second quarter increased to $12.4 million from $8.4 million during the same period a year ago — a 49% increase.
Net sales increased 23% to $90.3 million. The largest sales increases were reported by the company's applied technology and engineered films divisions.
"Our current performance is largely a function of past investments in new products and new market development," president and CEO Daniel Rykhus said. "Backed by a debt-free balance sheet and strong cash flow generation, we will continue to make investments in support of our long-term growth expectations. As things currently stand, we are on target to produce another record year."
Raven is a manufacturing company that serves four markets: precision agriculture, high-performance specialty films, aerospace and electronic manufacturing services.