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Raven Industries (NASDAQ:RAVN) reported Q1 fiscal 2022 results with consolidated net sales of $112.5 million, up 30.0% year-over-year. Diluted earnings per share reached $0.26, increasing 136% from the previous year. Applied Technology generated record revenue of $54.9 million, a 30.6% increase, fueled by robust orders for OMNiDRIVE™ systems. Engineered Films saw a 46.0% rise in sales. However, Aerostar's revenue fell 20.3% due to contract timing issues. The company remains optimistic for fiscal 2022, expecting further growth despite ongoing supply chain challenges.
Raven Industries, Inc. (NASDAQ:RAVN) has launched a new product brand, OMNi, focusing on autonomous solutions for agriculture. This includes two integrated products: OMNiDRIVE™, which transforms existing tractors into driverless machines, and OMNiPOWER™, a self-propelled platform for various farming tasks. Pre-orders for OMNiDRIVE™ have begun, with over three dozen already placed. OMNiPOWER™ will be available for order on June 1, 2021. The initiative aims to enhance operational productivity, allowing farmers to automate routine tasks.
Raven Industries (NASDAQ: RAVN) has acquired all intellectual property and patents from Jaybridge Robotics, specializing in automated agriculture technology. This acquisition enhances Raven's autonomy strategy, particularly in path-planning, obstacle detection, and multi-machine control systems. The IP will be integrated into Raven’s AutoCart® platform, accelerating development in vehicle automation for agriculture. The deal was completed in the first quarter of the current fiscal year.
Raven Industries (NASDAQ:RAVN) reported Q4 fiscal 2021 net sales of $80.1 million, down 6.6% year-over-year. Applied Technology saw a 6% sales increase to $34.9 million, fueled by OEM demand. However, Engineered Films and Aerostar faced declines of 13% and 20%, respectively, due to pandemic impacts. Net income dropped to $0.3 million, or $0.01 per share, as strategic investments in Raven Autonomy™ reduced earnings. The company ended the quarter with $32.9 million in cash. Fiscal 2022 outlook remains optimistic due to anticipated growth in Applied Technology and improving market conditions.
Raven Industries (NASDAQ: RAVN) plans to release its fiscal fourth-quarter 2021 results on March 22, 2021, after market close. The company will conduct an investor conference call the following day, March 23, 2021, at 8:30 a.m. Central Time. Investors can participate by dialing +1 (866) 393-0676 or through the Investor Relations section on the company's website. Raven Industries specializes in precision agriculture, specialty films, and aerospace solutions, recognized for its innovative products and services since 1956.
Raven Industries announced the selection of the JRT agency as the agency of record for its Raven Autonomy platform, aimed at enhancing global brand positioning and marketing strategy for driverless agricultural technology. This decision follows a nationwide agency review and reflects Raven's commitment to achieving immediate marketing goals.
Through this partnership, the JRT agency will enhance awareness of Raven's innovations in autonomous agriculture, leveraging digital and traditional marketing methods.
Raven Industries (NASDAQ:RAVN) has launched Dispatch Pro™, a comprehensive program designed for agricultural retailers and enterprise farms. This innovative solution streamlines dispatching tasks, enhancing operational efficiency by integrating with Raven’s Connected Workflow™. Users can track fleet status, make data-driven decisions, and manage dispatching from one location. According to Senior Director Sarah Walter, implementing this tool can save customers thousands of dollars in a season, offering significant value by simplifying complex operations.
Raven Industries (NASDAQ:RAVN) has joined the Operation Weed Eradication coalition alongside BASF and AGCO to enhance weed control for farmers. This initiative focuses on combating stubborn weeds like Palmer amaranth and waterhemp through a multi-faceted approach that includes cultural practices, chemical control, and consistent management strategies. Raven aims to leverage its precision agriculture technology to support farmers in improving yields and overcoming challenges in weed management.
Raven Industries (NASDAQ: RAVN) has appointed Taimur Sharih as the new Chief Financial Officer, effective March 1. Sharih brings over 25 years of global leadership experience in finance, previously serving as CFO at A&R Logistics and in various roles at Praxair. His appointment aligns with Raven's strategic goals aimed at driving transformational growth. Sharih succeeds Steven Brazones, who now leads the Applied Technology Division. Raven Industries is recognized for its innovative solutions in precision agriculture, specialty films, and aerospace.
Raven Industries (NASDAQ: RAVN) has upgraded its Engineered Films division by integrating new smooth-edge technology into its 7-layer barrier extrusion line for producing 23’ wide textured geomembranes. This enhancement improves thermal fusion welding and weld integrity for HydraLine™ HDT- and LLT-Series geomembranes, which are meant for demanding applications. The upgrade, completed in over 12 months, boosts annual output capacity to 16 million pounds and ensures compliance with industry performance standards. Raven emphasizes product quality with a 20-year warranty and quick delivery from its Sioux Falls facility.
