The novel coronavirus (COVID-19) has adversely impacted, and could continue to impact the Company, including possible material adverse effects on our business, financial position, and cash flow. Further spread of COVID-19, as well as outbreaks or epidemics of other infectious diseases, may have a similar or worse impact on the Company.
The loss, disruption, or material change in the Company's business relationship with single source suppliers for particular materials, components, or services, could cause a disruption in supply, or substantial increase in cost of any such products or services, and therefore could result in harm to the Company's sales, profitability, cash flows and financial condition.
Price fluctuations in, and shortages of, raw materials could have a significant impact on the Company's ability to sustain and grow earnings.
Failure to develop and market new technologies and products could impact the Company's competitive position and have an adverse effect on the Company's financial results.
Failure to develop and maintain partnerships, alliances, and other distribution or supplier relationships could adversely impact the Company's financial results.
The Company's sales of products that are specialized and highly technical in nature are subject to uncertainties, start-up costs and inefficiencies, as well as market, competitive, and compliance risks.
The Company's Aerostar segment depends on the U.S. government for a significant portion of its sales, creating uncertainty in the timing of and funding for projected contracts.
The Company derives a portion of its revenues from foreign markets, which subjects the Company to business risks, including risk of changes in government policies, laws, regulation compliance, or changes in worldwide economic conditions.
The Company may pursue or complete acquisitions, which represent additional risk and could impact future financial results.
The Company may fail to continue to attract, develop, and retain key management and other key employees, which could negatively impact operating results.
Weather conditions or natural disasters could affect certain Company markets, such as agriculture, construction, geomembrane installation, or the Company's primary manufacturing facilities.
Fluctuations in commodity prices can increase the Company's costs and decrease sales.
Adverse economic conditions in the major industries the Company serves may materially affect segment performance and consolidated results of operations.
The Company could be impacted by unfavorable results or material settlement of legal proceedings.
Raven is subject to governmental laws, regulations and other legal obligations related to privacy and data protection.
Technology failures or cyber-attacks on the Company's systems could disrupt the Company's operations or the functionality of its products and negatively impact the Company's business.
The Company’s effective tax rates for the three-month periods ended July 31, 2021 and 2020, were 15.0% and 10.8%, respectively. The Company’s effective tax rates for the six-month periods ended July 31, 2021 and 2020, were 16.2% and 2.2%, respectively. The year-over-year volatility in the effective tax rate for the three and six-month periods was driven primarily by an increase in the current year profitability.
The Company's strong performance in the first quarter continued into the second quarter with strong sales growth in the Applied Technology and Engineered Films divisions.
Demand across Applied Technology's product portfolio remained very strong in the second quarter resulting in year-over-year revenue growth in both the OEM and aftermarket channels despite navigating global supply chain constraints. Additionally in Raven Autonomy™ the Company achieved significant milestones while executing on its strategy. Applied Technology commercialized the OMNiDRIVE™ system and is on track to sell its limited release out in the first fiscal year. The solutions being developed are significant advancements in ag technology that will help solve labor shortages, provide greater efficiencies and enhance sustainability in agriculture across the world.
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