Here's Why Shares of Raven Industries, Inc. Soared 14% in November
Extending the 27% climb they experienced through the first 10 months of the year, shares of Raven Industries (NASDAQ: RAVN) rose 14% in November, according to S&P Global Market Intelligence in response to the company's third-quarter earnings report for fiscal 2018.
In part because of extensive hurricane relief efforts, Raven reported strong top-line growth -- about 40% year over year -- during the third quarter. According to the company, revenue from hurricane recovery film typically accounts for less than $2 million on an annual basis; however, in the recently completed third quarter, sales of recovery film totaled $8.4 million. This translated to increased profitability as well. Increasing 141% year over year, operating income was $17.8 million for Q3 while net income increased 109% to $12 million during the same period.
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Source: Fool.com
