RAVN - Earnings call transcript Q3 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Raven Industries Third Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s conference Mr. Director. Relations Investor Larsen, Bo Please go sir. ahead

Bo Larsen

the Good third quarter and webcast and archived welcome future call to XXXX Fiscal live on be also Industries Raven will website investor being for listening. the is morning, company’s conference Today’s call.

call Officer. Dan Rykhus, today Executive and Raven’s President Vice be Brazones, Steven and Raven’s will and the President Chief On Officer; Chief Financial

is expectations, XXXX. during statements like results like the statements of inform everyone term over President discussed company as such matters forward-looking reflect Since include would to the under Executive turn Securities this beginning, differ. the Private will to Before certain call Act the Litigation defined now company’s that would that Chief current Rykhus, Raven’s and actual I Reform Dan call may Officer. to

Dan Rykhus

Bo, and good call Thanks us joining morning today. for on the and Thanks, welcome.

intended on the division on made strategic these process calls emphasis the Our performance be on is you updating longer the touching financial each term in to and company. of

Our a revenues earnings quarter. company. we’ve we million exited annual record $XX XXXX, a manufacturing. In performance contract business and FY $X.XX which for third made of third in over was us been divisions, per to $X.XX then have replacing brings the EPS in since intentionally our quarter And that in for record nearly share core our strong

continue investments optimized from improved The that call. has strong we’ve are but key progress delivered in overall business the new last from R&D division we’ve business products performance this and our in past generating our to and the the made strategic soft, made several definitely years. with market growth. pleased be We’re from We’ve each focus over opportunity. core Ag the markets since our year energy investments returns on of

of diverse conditions core to the strategy in of a maintain ability year of strong to a throughout positions we our markets. strength this have as set market with demonstrates grow Our explicit mix

our this more quarter a strategic few points the more outlook. pleased During we’ll provide during on the provide sustained on call, and progress to with our and through QX. the on Starting to your R&D provide growth. to call for initiatives of following and the questions. our I’m with our on comments projects ATD, up insight commitment made performance exciting will financial results color drive and comments touch selling fund future open the company We I’ll progress Steven

level. for and changed market offer tremendous shares long-term. products ATD factors nothing We impacted precision strong also but at experienced in believe our unusually remain margins opportunities consistent division, the with market over and but our a markets soft. is the the remained division, position high expenses has legal in within fundamentally adversely The and new these profitability the of high short-term growth excitement it our for ag We

While long-term. investments our profitability, action these investments to have for our of increased right the the take ongoing course short-term internal are

to investing specialist our engineering to We’re our and provide OEM aftermarkets. teams deeper system precision in and ag customers connection

products ATD years. To America will conditions difficult and that still and Latin And our to progress to margins, of specifically new other invest computers Slingshot to in the long-term We’re continue automated and expand enhance unchanged, And R&D investing and growth with couple about in volume next our our make cycle that. the develop Europe. cycle mid conditions year, market application market and to provide slow to make system margin low over our systems ATD systems and higher mid of our period potential including strategies full we and from leveling good still my field XX%. will to returns on learn for view key logistics continue during for improvements strategies good of this in margins we we growth new market control the regions steering the you’ll global comment knowing ATD market will to boom is more manage recovery. we realize and for make that Current high increasingly on

Moving growth on drivers which good M&A for growth global our new in three to long-term longer-term making activities. ATD, ATD, we’re are and development, product progress expansion

active M&A key strategy. strategy the in As that past, and we precision The support technology precision interest support our to ag for geographic primary global adjacent technology reported of our markets acquisition and have segments discussed ag. pursuit key our activity, in our we’re to opportunities of product ag, reach in for

deals culture Raven fit We’re returns that finding committed solid and and strategy. our offer to well within

Our greatly of transactions our to in growth market. in in our expectation support of opportunities and meaningful ATD improve plans is this cadence

Our And division. efforts international our will the markets be Those opportunities driver for ag Technology future. I key has for development provide always finally Applied primary current working enabling been new long-term in hard And in continue growth strong market as product for growth and growth the to we’re in earlier, mentioned on this. long-term investments. to critical

executing confident to strategies in performance those improved Europe, will Australia Latin regions over they new in years. and regional next lead We’re planning and the America growth and several I’m

made the year. pleased Films has when am the film details that recovery go strong recovery to quarter, Division of Moving we perform progress Films Steven I to the chance, hurricane have you that exceptionally EFD further but going Division, and the And with course, the start to how can’t tell gets Engineered and is of throughout CLI in the I underlying he and – benefit third Engineered continues posted. into excited the the well

the that acquisition combined and past the year this our contribute want further performance and EFD integrated provides early this to Pleasanton, model retool now to our of reason market EFD per and strategic the and geomembrane deal our strong gone the energy made business of around found investments primary The I enabled the XXXX continue fabrication serve We this the additional is a capabilities in we’re EFD’s and the geomembrane in be do smoothly. entity. acquisition add Films CLI recovers. synergy CLI is earnings to returns to location acquisition generating made, And brings that capacity of has other slightly the progress key also This to additional now today. and We Integra capacity also acquired the very And point market going to in made expect accretive business. CLI, fabrication that with EFD. new that measure Texas design a current EFD we announced build network. to Division. to Synergy we well acquisition remind the recent finally during slowly and for another fiscal to in strengths footprint made Engineered September we’ve is that share identifying this Integra the year we to fabrication more distribution November and this for market. year, in important back Texas you out and and acquired we’ve The as and be this part standalone opportunities investments leverages to on they’re we of be Speaking our strategic market the touching in business not integration intend XXXX. FY $X.XX as could great being fit we’ve to potential in cultural we however CLI into fully for

lines we’ve These four, five and have invested grow ag expansion and enabled capabilities growing Over our production have serve reduce specialty enabled our they growth market our our the the capacity year four support unique to markets. unique strategy These And past industrial provide lines. revenue crop other in key the concentration capacity. market in necessary realized production necessary growth output market. this they to years, high market three lines and and energy to provide by

in As our plan extrusion additional in for longer growth and process support we necessary future range plans. growth capacity is EFD, to

will we extrusion serve. capacity online additional growth in XXXX, year to calendar our ongoing we currently the support During markets bring

strong from Moving is having Aerostar. the has progress financially on stratospheric making focus and balloon in Aerostar to Aerostar, again year opportunities. market we’re a good our benefited

balloon work Google we’ve on other on good something on progress Loon make core touch we to Project government Project I to continue U.S. our our technology. call We added customers Atlas. to with and want

launched the our efficiencies called internal the $X strategic drive controls cost to to an an is Steven replace existing long-term when give and acquisitions, definitely Raven team internal its as company’s of is on financial the the over performance. we’re long-term ago enhance the this intern enterprise XX release investment job time between as turn approximately a with hope with that I at the you company And enable to growth expected of to to million our project to take future million. XX, I across a current Project investment which automate is first say more resource investment enterprise-wide call the long-term and strategy. $XX replacing. the of integration years portion significant current third work some of for that, started on three our Atlas Project to implementation Atlas. as execution This our the that complete to I’ll enterprise’s quarter, an During was platform. long years details My faster system This here upgrade. will enterprise, system, planning lasts

Steven Brazones

Dan. Thanks,

All three in performances our quarter. the very strong are financial with We third year quarter pleased results. strong third divisions this had

Applied In the division’s faced the Let’s was face conditions take continues weak has at and deeper several each. strong, to performance given Technology, market especially division the years. a look quite end for

expenses initiatives as the were these large costs In the term, these comments. the quarter. the are will All recent reducing made that profits. sales As his prior mentioned next-generation key same of Dan product we higher we short division and strategic in, like incremental third expected, These improved investments growth believe next R&D, new and modules to to At approximately sales anniversaried along as somewhat, introductions decision with year. year. of result ramps we time, fund the quarter, the investments in we sales Hawkeye control products rate are we $X during had during that the legal in slowed the developments million in new in of however,

and and third Engineered hurricane Engineered was with XX% for year-over-year. sales, all On division the third a basis, CLI growing of is our were quarter, XX% seasonally up the quarter strongest year. quarter Films, the Films. adjusting QX For last markets near-record nearly After still and grew film strong recovery particularly quarter for versus this sales nearly reported for

million the acquisition is relatively financial exceeding year’s we and CLI. performance of our it’s the although $X the going Included During quarter, this in on results approximately were smooth, from expectations. CLI CLI transaction early, very the quarter closed of sales International. is of integration third

The usually quarter, are continuing another Sales hurricane CLI the in hurricane of sales XXXX, into During the recovery a the to to was has EFD fourth in from hurricane $X the capacity recovery sales. the third and for million unusually modify of Strong sales its $X and of unanticipated. fourth active expect – need approximately films film recovery in the utilization production $X film, million process. smooth to million quarter. able increased benefited were drove we the sales schedules for integration the fiscal film quarter these and These of seasons EFD aid nimble and significantly year by division.

result, a the in margins particularly third were strong incremental EFD quarter. As for

strength stratospheric is year-over-year. is XX% balloon continued push balloon Aero financial of well technology was to higher and well and achieving continues in frontier as margins. sales its has profitability Aerostar consistency with the as division For as growth radar in progress to what profit driven achieved as division turnaround and possible milestones. stratospheric of Aerostar, performance year XX% towards long-term platform new its by this both the goal sales the

pleased Atlas, division X not kicked fiscal During results with contract achieved to and new company-wide ERP division’s XXX of duration the third our could XXXX. this to of initiative fall the days the nearly broke far aerostat off so contract into its by the platform, With more in the aloft. quarter, win, year. with days previous this to quarter. the reached sales associated We record replace The division respect most has we the Project expect be

enterprise. the We about to are its this benefit excited project and strategic anticipated

For this associated be will higher the expenses next project. cost as years, of result implementation reporting corporate three the with we a

of Project quarter year, Atlas were $XXX,XXX. third the approximately expenses During this

likely $X quarter project $XX this project the approximately the of we mentioned, the through million year to this between for to Dan per and with expect cost approximately XXXX. million end cost million capitalized. to and Overall, expensed million, average million We $X fiscal to be as ramp to $X $X $X in to million expect be

Net and remains quarters to further balance this in down from adjusting even points the of more saw the year. XX flow. previous year-over-year capital in working declines continues. that, story requirements, CLI than the net Turning We down capital and cash quarter our progress the basis acquisition. sheet working The for consistent third

net While pursue to we of stages are forward. working we reductions move incremental entering capital as improvement, driving will the continue later we

XXXX, of XXX,XXX $XX.XX average total million. the third approximately fiscal of shares completed During $XX price quarter the of for at an of repurchase we a

As we’ve and improving in a returning balanced past the each to opportunistic returns continue commented significantly. in to be the divisions Overall, are will maintain future. of the we shareholders of capital our approach to and

With investments and a returns. preview of made going on XX-month the to a return increased forward. I’d basis. our trailing volume, turn to The generating result, a As are call our has back profitability, XX% outlook nearly strong that, reaching Dan growth on improved improved like equity we’ve improved for significantly,

Dan Rykhus

is Thanks, XX U.S. we year, Steven. we ag beginning at and the months. in weaker a see market recovery of The expected the still the a next than little don’t

best, growth in in meaningful of our on Acquisitions global improved consistently several addition improve hurricane organic product based Aerostar have new to CLI have as and the is organic a business, we year. continue we factoring and with generate next film, potential next expected narrow profitable to division EFD, through the certain for the not to efforts quarters. continue the excel reestablished relief performance for to in several the markets. and to the ATD expected this at growth what on However, next do Through and achieved. focus over expect growth continued we quarters is the introductions

full year will We next will operating company the momentum per as with into tremendous believe sales, this year-over-year share. year earnings growth income the We finish in for carry well. and

reinvesting in businesses are very of our markets in diligently further positioned I And businesses enable each are We well growth. to core served. the underlying believe our

While include well perform any quarter back I and and the should three circumstances, over call next long the the with operator And unique one will to for term. divisions that business turn will believe the I questions. quarters our overall several over the

Operator

from Thank you. Piper [Operator of Instructions] Wong is Our first Jaffray. question Brett

Your line is open.

Brett Wong

into Hey, thanks ATD taking on for the little quarter. and bit. Thanks to my a nice congrats questions guys. wanted I dig

some for in competitors the variable forward, especially out your in can are control ATD, just of more looking potentially First, speak see kind just how you and the rate active to competitive landscape given that now of you growth impacting years.

Dan Rykhus

This Brett. Thanks, Dan. is

in feel we’re combinations. my controls innovation, differentiate active the been our And strong that and with the And continue about I customers good associated years, will and There also our had our our I’ve way. on our M&A. last position and that recently ATD So of that based understanding we’ve competition able in mentioned, to we’ve and ongoing ourselves division and competitiveness have and on with to intend service, based always the – to we been the seen going OEM products be for to flow I differentiate in quality like XX ourselves and as of conversations in aftermarket. be in acquisitions, we’ve I our over

Brett Wong

I back Thanks, will hop in.

Operator

you. Thank

Our next SunTrust. question Jason is Freuchtel from of

open. line Your is

Jason Freuchtel

morning. good Hi,

Dan Rykhus

Good morning.

Jason Freuchtel

starts potentially than incremental as incremental experiencing that as to likely potentially the I the the Since demand should the XXXX – XXXX, And this margins could fiscal and, surge higher hurricane XQ films segments? decline in quarter experienced the very in wane? guess, the in for product XQ product, margins rest of demand fiscal we during demand business view the recovery inelastic therefore,

Dan Rykhus

the close proxy, individual for in would on fairly of the at high of XX%, all SKUs, been third end comment a that underlying a We margin the view the EFD you don’t of unexpected. across was would you utilization, get overall strength film if for profitability capacity good the given division business that recovery average give you running at look and markets, we the profitability sale. approximately incremental but I hurricane how XX%, that to demand has Yeah, say quarter on the gross

Jason Freuchtel

perspective recovery guess cycle lasted? how of the better I films demand the trying a last it Could months? life And severe from a for I is long the damage, to this Just understanding six typically thanks. beyond periods – hurricane hurricane guess with where potential Okay, historical same product and get trends. of the demand

Dan Rykhus

It’s Yes, these that. this and to serving going It’s And to much but – on fund I’ll ancient unpredictable. history some it’s we they’ll on very how comment very we have act needs warehouse. government our in very, unpredictable. don’t tell and have hard how marketplace, is

tell. to we participate serve We in this to ready opportunity nimble very to hard recovery stand can effort. So and whatever

our us itself, our sacrificing other And proud ready customers was have to ability so any our on other will demand And we presents far We’re if in market then stand that there. of or be placed met places. forward. impacting opportunity that of without the we’ll going

Jason Freuchtel

in the that for Okay, year saw what Can what you’re how last than you saw the would Aerostar you you RFPs characterize then current activity level defense greater characterize and quarter? segments? last contracts you lastly, experiencing

Dan Rykhus

the Yeah, with the the government. There’s various And opportunities been interest the picked government last I see right and customer from on there making quite the our we’ve level months, has over we’re we’re lot federal now stratospheric last up we would and base and so progress. progress the expanding agencies say in side the the XX the the with of in XX government happy of months. stratosphere a activity over

Jason Freuchtel

Okay, thank you.

Dan Rykhus

You’re welcome.

Operator

you. Thank

Craig is question next of CJS Bibb Securities. from Our

open. is line Your

Craig Bibb

Engineered The it. so if how Lining impacts on could bit, you And broad strokes it the maybe profitability. a it’s to about Colorado guys Maybe I’m assuming. since seasonality quarter Hi. margins, is little can understand owned talk Films, we just we similar have first

Dan Rykhus

in is base say business our I seasonal Yeah, high EFD’s QX. would quarter

I has think, historically, their by for been CLI, QX, followed strongest QX.

be I result Films as a your there second of of significant a expect Engineered wouldn’t the seasonality change division part, our overall the So What was Craig? to in acquisition.

Craig Bibb

It was actually that.

a an the So the of extra what it’s incremental – more business, not were really this story But margins is comparable? are installation from margin pounds?

Dan Rykhus

correct. That’s

correctly. You’re viewing that

However, we for transaction. synergies from strong looking this aren’t

already and to our margins now to margins one. goal our we’re enhance enhance CLI’s and operating that synergy forward. going as seeing combined continue is additional We’re potential And

Craig Bibb

are what So synergies? the

Dan Rykhus

past, can has Films Pleasanton migrate that been Well, CLI’s there demand is their certain in well. leverage also into demand us We’ve internally. from produce from Pleasanton of we of production. able the to is and Houston that internalization There there there’s Engineered benefit in satisfied for more CLI Texas to as a facility but facility the the operations

Craig Bibb

add, have you up of what Engineered where’s talk then, some FY utilization you spending are about And And pounds. and XXXX? will right for Okay. now, maybe capital Kind could there coming planning then pound capacity to much in additional additions in running of capacity Films. it be how you terms – and

Steven Brazones

we’re running you Yeah, we’re how running XX% now. probably capacity around on right depending utilization XX% define to probably it,

variation going capacity higher million are lower. EFD at about is line, for That’s strategic of that. be to some a But will some and the very we million there rates are $XX.X Line expenditures are be for lines XX Now, and that pounds and around We’ve next XX us. year. Certain at add adding capital improved recently.

Craig Bibb

Okay.

the are for year? mention this all year a – or there did was also, next So projects project and that then, you

Steven Brazones

some year. additions major their we’ve already been for had is lines capacity. the We’ve expansion this And improved haven’t year, going had lines. the – occur then, capacity they opportunities the been new new next that capital to Well, to but they’ve expenditures lines

Craig Bibb

on you timing buyback. wanted And finally, your I just congratulate your awesome to on

exceptional $XX for got You’ve price million.

Steven Brazones

Thank you.

Craig Bibb

you. Thank

Operator

Thank you.

Wong Brett from Piper of is question next Jaffray. Our

Your line open. is

Brett Wong

environment, for but ATD. know wanted new I released? on of up thanks. reception mentioned, products tough a the recently to I been it’s wondering Hey, that just as still some the low how you’ve follow has you

Dan Rykhus

good. been It’s Brett. thanks, Sure,

in long RSX product product fall with We RSX And among summer. to to pretty have particular, computer. that CRX And the has in have improve we the what been of we steering OEMs, the in a two call that we introduced is very and or term our which new very progress to marketplace field – – market, products, is And this in steering strong. the reception and one particular, a our low good expect large market one make a were share. on shares over line the the

revenue. on offering take CRX, computer upgrade these With that. technology continuous Raven we’ll at to is solutions toward traction to field brings it the at VRA and products, ag, usually these system strong for takes existing in some products precision and reason and but some meaningful there get now. it’s and And little replace for a OEMs that together the guidance get steering while with to engineers with capabilities, while had a move we’ve aftermarket our to to work very take they a that reception have our sales, integrate solutions least These that good the

Brett Wong

Great, thanks.

Operator

you… Thank

Dan Rykhus

I operator. just – would With I’d more Hawkeye. on about line, year and good Hawkeye, I that say still, again, product with third new we’re thing our that, our feel say – entering very one

the that pipeline then to grow tell introduce we’ll going grow continue business will another gives we’re part described, new year, we’ll those, confidence still. I’m in RSX new second that good And bring usually and of growth incremental expecting year CRX, and is to year those in next new details lot in Hawkeye a during next product me year products. tough of to our the be strong just next mix and you year. really layer as And sales, marketplace of on ability their that of layer the us against you’ll not but of which a And products I a for that on from We year. sales

Operator

you. Thank

Next SunTrust. of Freuchtel is Jason

open. is line Your

Jason Freuchtel

taking thanks up. follow my Hi, for

need that to approximately Project XX old. think understandable and I terms reinvest ERP you of In system an in Atlas, years certainly that’s it’s may

the current may system bid acquisition been the has ERP process? hindrance And your for decision current and to how system into ERP for However, an a completing has factored transactions?

Steven Brazones

our I Yeah, complexity. increased say it’s would

layer are of there to on acquisitions marginal diminishing in additional systems. returns disparate continuing so And

under long-term speed acquisitions. platform for consolidating so we view and really And integration as the best recipe success of one for

Jason Freuchtel

do Okay, And thank in in earnings you I to order you you. And profile low the future pretty keep you’re it’s to business, have volatility think necessary given the reduce your your but historical from leverage pretty where a could Thanks low. has am to sense trying been move of good a know perspective, you in deals, luck and your the future. strong I leverage operating to in looking understand leverage just that get that quarter. other in at the performance? better

Steven Brazones

Thanks.

have our So sheet fund past, have in said changed, of utilization of we bit as our we on sheet the a our focus and quite comments, have our view And And in M&A. balance do as be, that number targets to strategy. within hasn’t would flexibility balance first the a some leverage balance for on sheet. is our mentioned space. Dan the term, long view on precision of pursuing ag would And we we’re his acquisition

up. lever right would we the transaction, For

– will we be would that. benefit and quality but maintain credit there investment-grade metrics However, from some

Dan Rykhus

be Steven then we’d if actively find it, to debt. sheet the itself, acquire disciplined marketplace. deal put to strategy the reinforce we the just that to said to a balance to we’re not right would and intentionally business we amount of just that to I we’re haven’t no long-term Yeah, large take that happens what acquisition carry found presents in running execute right that work. on can debt and be happy the our And a But we

Operator

you. Thank

question Securities. Bibb Our of is CJS next Craig from

open. Your is line

Craig Bibb

debate be there. about – healthy to dicamba in your about – the outlook how community, Or going about that U.S. maybe you? formulated. it’s to is one talk there impact just and applied likely a How is ag and This

Dan Rykhus

Sure, thanks.

It’s we’re help the maybe sprayer injection – years, about, provides mean systems. I been by really general know that those geared So is talking what herbicide it’s last several dicamba, injection don’t accommodate efficiency is and over with chemical an for are chemical have we and to our an efficacy. products what And introduced that control. and herbicide. And that broadleaf

systems. rate have application variable We

controls that amount Hawkeye that desiring record helps provide a And drift chemical put Control you’re field have and apply have that best-in-class exact We to the computers keeping. we Nozzle of down.

we situation set And lot not use So that where the continue going those to we value this and is comment these of those a products we of dicamba that But where I’m in use the find for in continue ourselves can while stir to that design in to that go, to we to going a causing those think we want provide place a have value is with chemical. to assistance and chemicals. marketplace, necessarily on products want dicamba state-by-state provide mind. didn’t to

Craig Bibb

international, in you like there. the you’d you you In give it sounds what to overseas have making opportunities overseas, been you’ve need Could investment to get Okay. some like done you some – terms just of on strokes like us acquisition? et broad feel building organization, cetera, or

Dan Rykhus

growth a strategies. ATD, executing we’re executing in global rather just strategy than specific regional Sure, growth

we requirements years, go we’ve necessary seen with We’ve made the some where over years. over customers. set and you’ve of be the probably different an Each of a to we the got proper in-country effective. to, acquisitions the that those that, in and the staffing different though, levels there ability have reach Canada, done found, that that So regional we’ve presence to markets

in America, hired staff So Latin down we’ve there.

continue We’re to expand going to that. on

Of build-out staffing virtue across our Eastern Ukraine that requirements have the processes course, presence region. and acquisition as and nucleus as Europe, Europe give of a for in world the we’re products that of well us business the the there looking of we for in and by that presence stronger potential of we that a those SBG people a Russia, part investments understand make And there would and in Western can Europe.

outlined and strategies, for build those on are probably most to important that out markets continue we’ll So those markets I us. the

Craig Bibb

stratospheric Okay. peaking last up. noted demand And Why that? you is that government the balloons one, for is

Dan Rykhus

Go ahead.

Steven Brazones

capabilities when we’ve a weren’t leveraging our XXX mentioned of at first lot We’ve we interesting a duration. we done things near we’re five the able with we’ve were work two balloons years And the release, there’s ago. been that able And days demonstrate, that to days. and possible build as to in we lot Google. Well, of be to do one with thought that started, been of

is the inexpensive to government, So stratosphere. cost system get a overall way of value the very it’s beneficial the extremely to to things the

And lot develop there’s those. in of so we’ll interest continue capabilities, and those to just a

Craig Bibb

Thanks. great. Okay,

Dan Rykhus

You’re welcome.

Operator

Thank for Rykhus our back any the would today. Q&A to remarks. call conclude you. like turn does over And session further Dan that to Mr. I for

Dan Rykhus

Thank you.

business We’re conditions. disciplined the for running remaining in mid-cycle

far to As with of the businesses are We’ve well into like team we team members they’re so each And Raven I’m my and lot members a that the that’s put in pleased the efforts, very only I today of across are carry we’ve position look March. that of positioned performance And our again work division forward they want Thanks. us for this I we there year. comments today. said in are Industries. into those reason and are and next we getting repeatedly, each the year, where of off thank updating proud the you to we feel to very division will in close and

Operator

great day. and participating in does and a you today’s disconnect. may This conclude all Ladies gentlemen, you conference. thank Everyone, for have today’s program,

Raven Industries (RAVN) 21 Nov 172018 Q3 Earnings call transcript