NEW YORK (TheStreet) -- Shares of Raven Industries Inc. (RAVN) are lower by -5.20% to $28.44 in mid-morning trading on Wednesday, after the company reported a decline in net income for the fiscal 2015 second quarter to $7.7 million, or 21 cents per share, from $8.3 million, or 23 cents per diluted share for the year ago period.
However, the diversified technology company, which provides a variety of products to customers in the industrial, agriculture, energy, construction and military and aerospace markets, said sales increased to $94.5 million, from $93.4 million for the fiscal 2014 second quarter.
"Consolidated sales and net income for the corporation fell short of expectations primarily due to persisting weakness in agriculture equipment markets," company CEO Daniel Rykhus said.
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Separately, TheStreet Ratings team rates RAVEN INDUSTRIES INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate RAVEN INDUSTRIES INC (RAVN) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."