Raven Industries Inc., which makes reinforced plastic sheeting and products for precision farming and navigation, on Thursday reported a 13 percent drop in third-quarter profit but said higher operating margins helped offset lower sales.
The diversified manufacturer, based in Sioux Falls, S.D., reported a profit of $7.3 million, or 40 cents per share, in the three months ended Oct. 31 compared to $8.4 million, or 46 cents per share, in the third quarter of 2008.
Revenue fell 20.3 percent to $60.1 million from $75.5 million in the year-ago period.
Analysts polled by Thomson Reuters were looking for a profit of 38 cents per share on $62.9 million …
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