RAVN - Earnings call transcript Q4 2018

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen and thank you for standing by. Welcome to Raven Industries Fourth Quarter 2018 Earnings Conference. At this time, all participants are in a listen-only mode to prevent background noise. [Operator Instructions] And as a reminder, this conference is being recorded.

Now, I would like to welcome and turn this call to your host, Mr. Investor of Director Larsen, Relations. Bo

Bo Larsen

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

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

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

Dan Rykhus

the and term our time to progress report purpose joining At over the us Good in you focusing direction. year. turn the more for closed I'll the long and term some strategic for longer discuss then, And the I'll our is today. discussing on it plan detail for and for calls Steven financial investment morning strategic performance current to Raven, thank accomplishments the these company, outlook the in of year the year. our to fiscal spend just

resulting an sales, substantial division as throughout company. the at for of opportunities leveraged positioned outstanding those margin. our three we company, and our year operating improved ago, Each financially of the close units, generated positions year XXXX both the each in year future. for will a call presented, unfolded year open was well to business strategically. operating with FYXX, Following in were significant three all fantastic were the comments, income that increases improvements the FYXX for after year your the questions. I Every strong Fiscal and in reported business A

the million $XX net growing $XXX company, that by after by $X.XX and in prior share This As all sales, income kind executive revenue FYXX growth tax to with and growth sales we by of new earnings by all year. would net expanded after XX% in million, any per a are. and that be for was year a year we a pleased income and Raven. great FYXX EPS team Last year were follow-up earnings records

very market While our a historic year, made during financial we direct years. the strategic profit progress long-term just for was pleased result year, full past it decisions operating provide performance ATD, strategic conditions. will was with the This we're and and over the few achieved as satisfying, advantages. XX% despite of the knowing the In the growth we competitive made investments

performance commitment products, unwavering drove ag growth tractors providing machine and Our sprayers, implements. precision to on for for control by R&D the new

seasonal well basis. our to with to line. a we In products control as delivered on customers system programs our Our the emerging and training differentiator. this We their Latin America a for US opportunities be ATD, competitive use continued expanded also service extensive market proactive Hawkeye Nozzle in in received who exciting services product strengthened

I'm strategy while full which margins, plan out the launched the for we action progress the my track finally, As year comprehensive effectively. made reflect to on ATD very with quarter, it, closed aggressive regarding reported the and market and American don't year, numbers expectation. an ATD Latin solid are serve pleased And more with and the

laying in improving system performance success narrowing the term the longer more the continued navigation term. resulted the the even balloon its focus platform. duration and for its to that business Aerostar, the By to accelerated immediate for groundwork strategy, and technology, Moving operating Aerostar, The product product advancements attractive These our emphasizing efficiencies have our well strategic we in extending a R&D is which markets. lines to have activities as broader of financially and improvements execute more core business model as capabilities stratospheric balloon successfully significant platforms. established the successful made stable improvements, are

company a In generated year. tremendous very the prior year, it While points. expanded entire films over films that operating drivers. hundred just than result FYXX, in over margins division the grew high engineered performed engineered to was profit, dollars and be can income made operating our few Engineered basis company and that historic This over a level progress had entire million one sales Raven. increased films XX%, $XX well, the XXX% for operating did less thousand by FYXX traced three remarkable XXX by by in

First, investments expansions, capacity years four key the and included were essential. over division in strategic These made the strategic the changes acquisitions. distribution prior

effectively, customer Second, term world The of with exceptional plant FYXX needs business discipline drove execution the in the team model revenues class managing profit business long balancing supply grew needs. expansion. urgent rates by EFD underlying exercised XX%, and high chain managed utilization for the

The third the was demand hurricane relief year products. driver full for for success

great companywide division Our for the busy, to provide to responded and CLI acquisition the business integrating hurricane was roofs shelters growing film already for and team repair was the demand victims and used un-forecasted the to responsiveness challenge. and temporary superbly urgent critical. this The

FYXX strategy great the executing term challenges. purpose For our company, solve and long in progress to marks strong

of many the platforms, expanded and efforts FYXX. stratospheric of progress purpose relief the examples in critical in Our strategic agricultural our aligned a few delivery of of only applications effectiveness are services and spraying support advancements products balloon of our and of in

Now, I'll planned the for to current move our investments year.

the been have and momentum each operating performance We carry the We years' are into prepare to division expand strong on divisions maintaining and years. they've this three focus year over way our aggressive of in underway plans as future last couple refined for our successes.

America gain to FYXX investing aggressive R&D growth balloon support opportunities systems, radar through where We EFD. in product an for plans investment in emphasis our increased in supporting share in in part Latin strategy. in investments expansion ATD our FYXX strong CLI new EFD, ATD the plans line Aerostar geomembrane ramp will XX results adding remain geomembrane in and are executing addressing efforts our and We're to markets. and our in to integrated investments market market with also capacity with future ATD. in platforms important expect increasing Acquisitions of investment and also years we continue for in industrial

our diligently And practices, in now, to the Ag support and of ag of art We strategic and we're are investment I'll long the South advancement programs finally, State pursuing turn people And facilities term acquisitions our committed Dakota the at in precision strategy. Steven. state University. ongoing to over of technology through call precision

Steven Brazones

Dan. Thanks,

strong in of proud and we are and All company significant year very improved in growth significant results performance. financial quarter drove for sales fourth were 'XX. profitability fiscal divisions the improvements and the Our financial

fourth quarter of of in incremental confident long continues 'XX closer and fourth we division these or the time. take fiscal quarter quarter each growth of fiscal costs performance invest and in growth of to investments organic net XXXX. XX% up the a look division are $X.X leverage to Let's initiatives over for fourth the applied million term will the division. these The drive versus Starting at with sales result were in technology,

settled patent that costs were associated division or these confidential the During XXXX, expect basis, the litigation. matters either the Ag matters any We fourth with of including infringement quarter future outstanding resolved. not on two Capstan fiscal of legal do a ongoing

and be broadly technology Technology would on as improvement applied as not we be, of we agreements, of settlements, the able expect transparent Although are quarter year-over-year increased the for Applied I as given we'd fiscal go in one-time legal excluding to margins in confidential we forward. margins include to costs margins continued nature like settlement speaking, fourth and the which year

efforts The sales in million, driven industrial recovery continued was engineered for sales net in organic the films Turning year-over-year. XX% Colorado geomembrane increase were Lining. and to film sales to and the films, growth of hurricane $XX.X support acquisition markets, by of engineered relief up

the of fourth $XX.X and of quarter the recovery the the quarter versus XXX% and fourth Operating year. quarter, income During million million $XX.X was acquisition in sales Colorado XXXX fourth contributed fiscal or Lining last hurricane $X.X million up respectively. million, of $X.X deliveries

primarily was On was net The of of in in within of fourth division fourth increase sales driven XX.X% of the the million, fourth million increase in XXX division quarter films' Project profit up quarterly platform. to share in were was fiscal improved $X versus per XX% in Included be margins the sales consolidated sales. XX% Aerostar, net or in and million costs The $X.X million results quarter 'XX by leverage diluted year. Regarding The $X.X versus sales growth. fourth quarter quarter margin XXXX, to up per from profit of increasing was Division slightly, income versus to quarter digit expenses a points 'XX diluted of $XX.X corporate mix of or operating primarily profitability driven in achieving Aerostar's $X.X down fourth year, to diluted fourth each of of for expect growth 'XX by unfavorable financial due million 'XX sales the increased $X.XX balloon earnings share. quarters double performance. share sales. of over higher fiscal the for quarter related with more improvement fiscal engineered or versus year-over-year. quarter future driven for of sales basis, consistent the was last of year's would per principally company's year-over-year the of by contributions three income basis in income Atlas $XX.X the Operating films. initiative was the fourth engineered stratospheric of Net performance for improved contract fiscal primarily XXXX significant $X.X timing. and last XX% significantly We income per with share Operating net its operating the approximately net the division million of $X.XX fourth X.X% million, than $X.XX quarter's the net fourth year's fourth quarter were or year-over-year were fiscal first last quarter. representative the $XXX,XXX

the Tax fiscal XXXX approximately Act. net year rate US the During 'XX tax by by Congress approximately federal quarter, fourth passed reduced benefited the percentage and fiscal Jobs US points X.X Cuts company's statutory $XXX,XXX. and This income

if you our XXXX be that items. is for This To approximately million quantify using expect fiscal the than rate We tax have our an effective we reported apply excluding as just to earnings legislation, to fiscal discrete year, additional an the were XX%, new in year this benefit share. $X net diluted rate income to equivalent would significant been example, per expect from new garner completed higher to entire our results. approximately fiscal we XXXX this $X.XX

to train members. initiatives growth our reinvest long-term tax to fund to expect business into team and the develop this We savings back and

in the fourth To improve $X.X year-over-year points, to balance fourth have and we the basis our continued $XX.X working the Regarding from net and the this quarter requirement our of equivalent reduced cash last XX.X% put million. prior million, flow $XX perspective, position, decreased were percentage million net of capital to last up quarter. XXX annualized years, a points equivalents in quarter. capitalX broader this sheet as versus by into sales our Net approximately Cash metrics cash fourth working percentage XX XX.X% year two in year's to quarter. in

divisions. reduce Our our terms all approach to and been three across significantly improve inventory all-encompassing based suppliers levels our team with to and has and customers

pace. Turning ahead, to are cautiously market to look continue the conditions optimistic improve, moderate to outlook, for we end at albeit as a we

calendar ag year the in market recovering expect to We XXXX. begin

expect prices the remain if relatively favorably in to but impacted We stable, current be oil range. that market could geomembrane be

stratospheric several very interest technology XXXX. the be year-over-year and high. our on to strong to capabilities in performance to expected fiscal are in impact expand items well our based balloon is that market going are offering Our There as continues our

helpful Although of to information this detail, purposes you. to be believe go we don't it normally provide into this we comparison will level for

per Project First, is up last will approximately in for we call, fiscal in Atlas which as for equivalent quarterly expenses $X.XX fiscal share diluted approximately in Atlas, be to 'XX, discussed impact facing challenging $X approximately the down $XX create a comparisons film Project conference year-over-year will of 'XX. year-over-year. result this expected of fiscal 'XX sales as in The half sales Hurricane million of are be hurricane recovery second path. recovery million to

hurricane in a $X.X and recovery quarter film were In reminder, four. follows 'XX, year. recovery $XX.X of one we fiscal million that in for in and of year the hurricane approximately $X three zero expect quarters to and 'XX; as sales all first As in the sales two, million quarter in of quarter fall fiscal film million

proxy, in in XXXX, to results is as 'XX down significantly just tax million As I expected lower a and our mentioned, expense will to using tax $X 'XX. relative XXXX be expense be

to we $X.XX share we from from in the to those of year 'XX the to matters impact an full in fiscal decline legal have incremental of regard put earnings the quarter 'XX. behind benefit related expect add Colorado the in year. the those acquisition expect we fourth fiscal And ATD Regarding Lining us acquisitions, per with in here expenses, as certain

These several Applied Lastly, expectation investments the we do that pluses and headquarters organic changed. to into expect our important and expansion R&D growth investments as not in well to it's selling Technology. as minuses, but Altogether, Brazil. investments continue and the our in launch our of the for there are business new include Latin America geographic note has

turn annual I'll basis expect the to back and unusual profits continue closing to to comments. XX% to With for compound Dan on call items. approximately grow sales we that, a some excluding term, long the Over

Dan Rykhus

purpose with good a resolve are are and are as pleased futures Thanks, those FYXX. What told well enter last we year, Raven very Steven. like though I and and the about. results Once our We the year results. positioned and really meet I believe to last most long our businesses this had term I shareholders again, we feel preparedness tremendous with matters year

long My with also team of for and We have and the positive model across expectation sharply expectations. advantages a of each outlook line focused, another underlying progress in business company. the year in of solid the is momentum a businesses growth our and term proven

that, tremendously the to the call questions, call from us thank passion I work, I'm for continues apart open and each Raven And the who team Raven back team want for with competition. set the up to the I'll to of grateful we success hard our operator. turn Before member.

Operator

[Operator with Instructions] line is from And SunTrust. Freuchtel of the Jason our first question

Jason Freuchtel

issues legal sensitive, little going during impact one-time this I you you a quarter quantify any legal and outstanding may be can the forward? of have the expenses understands but your do other

Dan Rykhus

for so a in specifics the the adverse the always margins forward settlements the we out due into have Obviously, margins give agreements, matters, to the quarter. but the of would Yeah. quarter, expect I we we improvement continued we that to facing nature the publicly in Understand settlement the Jason, were fiscal in do you impact want we're don't that the fiscal quarter and any just from ongoing year-over-year, fiscal today. division if in and confidential matters the back both to 'XX. fourth that year one-time reiterate, competitive spaces expenses applied reasons here 'XX, speaking, in of but legal the we're technology's unable as incurred fourth up expect we and traded about company, negative specifics, an are, But and generally don't discuss in ongoing

Jason Freuchtel

and And how three has position the last months? the deal you future over to release, support I as cash well? pipeline you're in on that, with that to completing think in the trended net six the your continuing the to on, And multiples commented committed trended are Thanks. you deploy how acquisition acquisitions how

Dan Rykhus

bet. You

has pursuing acquisitions. take a focus you unwavering today, look more pipeline it at robust say, would our has been the than So our been in I on last six months. it's if

we've progress added with I'm within additional have a of on and pursuing number we continue very pleased full court a and technology been the internally put primarily evaluate We applied to to acquisitions, press opportunities. resources making

Jason Freuchtel

hit and that quarter. and in be What the was impact XXXX exactly us I on by delayed I of on was would color contract in revenue little your did And can Can year the fiscal and supposedly mix/contract comment? mix helpful? was year overall also you you year. remind weakness Aerostar, did you fiscal question last indicated driving one NASA contract expand contract believe could with a in hit guys that was of terms NASA XXXX when related of issue the maybe issue driven the if What percent it of the that the other any there you last a the

Dan Rykhus

Sure.

has of So the based of lot mix timing revenues. looking contract Aerostar at revenues, a and just

And the so had. quarters of results the radar we quarter deliveries the had timing to in we relative fourth in in year and sales lower earlier resulted

had that 'XX be sales little quarter a the also result of and would in more We very aerostat as we year. we fourth expect in robust contract win this fiscal to earlier the had

Regarding NASA, NASA I mean our is relationship with strong.

We of in over $X of timing balloon super continue pressure about super to them balloons million. was a delivery the the research and for that provide year. of 'XX this February little pressure And was last the

Operator

Securities. line Craig question And CJS with the Bibb the of next from is

Craig Bibb

industry At In mentioned I'm had maybe products. product sidekick last overall you have assuming applied would or product continue technologies, - some and were new margin. the that although other Hawkeye to new next call, wide drivers there that's the a you that you outperform by quarter. likely were the some introductions,

Dan Rykhus

tremendous technology us partners. year for continued result well we're with in of and and that our portfolio the of products. Nozzle strength in with our We as to within with to Yeah. key to module Hawkeye that conditions we the market this new new market very OEM as in the increased do saw end were the lot performance growth strength It product has year rate relative a injection all faced system, our continues direct share of favorable to particular as control happy new within we're applied wallet control of continue share us our the growing for

Craig Bibb

that with would said the new corner Okay. product details in us? share you Are around the around I had thought on they introductions the and you last first have half. call, any you can

Dan Rykhus

but in And to get development quite of - more We continue of those, it at but point can't and get in and have invest competitive going developed to year. obviously, in products the we'll to time, it invest as we - 'XX. we're that closer applied and of the we introduced two pace get see the reasons, technology. being within and launch the research to fiscal we marketplace new about launch new that three products coming new to into is this to on continued But up. into specifics Well, as products strong right our of continue past on products excited in the introduce provide emphasis year details develop for are now heavily pipeline to we're the introduced returns continued a is products this we in percentage the from sales. a significant returns we're We we've expect ours new don't

stay So tuned.

We in the here will be more ahead. quarters specific

Craig Bibb

back or Okay. hurricane And coming faster market demand you you're out and from? count, growing the your still is rate engineered incremental films, CLI, if where than share

Dan Rykhus

the a in Eagle as Ford Pleasanton, acquired to further strong position Texas facility recall We're earlier very and 'XX, in basis. you address fiscal in in we a Texas

we've got services from development and with in So that. product we're seen continued a side very market transaction synergies the just of We've utilizing strong synergies gains, strong business. we've that of - share CLI strong our portfolio got we've seen seeing further and facility the

Craig Bibb

new And you the us give you around referenced one, that? applications. last detail more and new Aerostar, Could capabilities some

Dan Rykhus

capabilities. develop to our continue we Well, stratospheric

last capabilities time in the that over government. are five markets the We And partnering the a those from have primarily of we with to services amount and a have through them alternative and lot considerable with bringing years there. and the learnings interest with taking there's US we collaboration spent our of Google

Craig Bibb

And just more specifically can what a of applications about are? the you little talk

Dan Rykhus

getting standpoint, a telecommunications things there a stratosphere things is from a interest relative inexpensive is So a standpoint, to of in into research area. getting from sales very that standpoint into broadly so lot speaking, and space a the from

Operator

line from Jon comes the Dougherty Company. question & with next Fisher Our of

Jon Fisher

revenue Good quarter.

going long just focus spending Just is 'XX and terms sticking term, quantification R&D the of return here fiscal been we're thinking describe with the a something kind to the fiscal that's of you of G&A the call, investment obviously and of ongoing stepped 'XX? from occur kind in of up in standpoint can on

Dan Rykhus

new past customers are it's our the our specifically returns profiles of highest look got the funded looking We've that invested Yes. cost strong so greater. look within projects are allowing Jon, our over on business with margin technology, order of excess and so the company, our and far as capital we that our as within applied very on back us R&D we company. of you base in back, within on products returns capital, the capital to division grow magnitude in invested

us cash number market we've products and for rate future Hawkeyes, so talked And seen resources our it's we've introduction we are about organic we've control of with the working driving of place new for and share and fruits the the a to growth that to a today that of organic other very good invest gains. growth drive module and got our on

Jon Fisher

near for those And term margin that the XXXX? into spending or when the you look would out targets up fiscal plus still returns, with off XX pushed fiscal percent are in term stepped and for is longer the attainable ATD, or future XXXX,

Dan Rykhus

attainable. is That for sure

for Applied margins We XX% the our $XXX range. you range plus put XX% in getting a look term margins to that And at applied base, continue revenue to within million long would of us $XXX of technology. revenues million expect Technology in to plus as to be

Jon Fisher

R&D to stepped that as with tax invest quarter, new further. rate, benefits mentioned spending we should kind kind just the this then you're business rate spending run that level back you going that of release given the the to press here into up think the lower the in about the And of from

at rate R&D of So revenues going to I look a and all rate will wondering was because percent percent this to and R&D of fiscal as spend back for I SG&A think quarter is the rate of fourth revenues. just as a guess the I'm SG&A highest spending the XXXX that of percent XXXX, even when revenues, be back SG&A, of the the way because even greater or right next even year benefits, tax is run

you're willing the into to how to get trying So business? spend a aggressively feel for back just

Steven Brazones

Sure.

or you I to is I would I'd than that the expect rate would fourth at sales over less investment R&D With less expect would say going R&D, more think run said, in we growth as be the quarter in forward. what growth time. So look the

to talked we same to investment that $X in margins, mark to G&A revenue we'd investing $XX leverage a one million would about side. our to we in million XX% making platform. that But grow. the and enterprise planning From run expenses for go and fourth we're $XXX is consistent. Project resource as be major a quarter dollar you would million As of The rate to on would leverage to and project Atlas, to plus basis, a which of from today. dollar we three R&D kind years selling next getting the back the occur expect be one-time expect basis is corporate need that we thing the replace and our to on careful are R&D The selling

Jon Fisher

R&D or SG&A? R&D For and

Steven Brazones

to for. have adjust you Well,

Jon Fisher

fair. That's

Steven Brazones

million. $X This $X be spend. up. fiscal we ramp year, In of spent to going is going 'XX, last million Atlas And it's to

Operator

Instructions] And the from [Operator Jason Freuchtel up follow we with of line SunTrust. have a

Jason Freuchtel

segment? I for And I the more question, little we'll could it questions majority also, are appropriate think terms provide in significant ATD. R&D that much so, First, think R&D of the guess stick of in maybe in and in that the each now. did your with just those a spent up of a how I on in terms of you highest course the just following to returns percentage investments, guess you over was indicate breakdown Is the was I a ATD guess, year, detail last

Dan Rykhus

Sure.

being speaking, into Aero back technology going with of say XX% is broadly engineered and pretty let's look spend, So step between evenly if just about you at applied and total balance it the our R&D films. split

Although in well flexitank as recently will areas continue we both success investments us to so in investments allowing some in R&D market, in of improvement share platform stratospheric the gain have of our those within within would balloons market seen demonstrate in we've We've and films stratospheric balloon our for capabilities and services I to continue. and focus those been that the significant a expect and key Aerostar. around able is to us obviously made

Jason Freuchtel

of the in can looks discuss your And fiscal impact should count and how since increase your to high last over a six oil field like terms you in rig then the of the typical months increased a films, it environment. significantly offering engineered quarter, has has rig end count continued

rig how demand You prior and how a expansion. your post that demand has lag count is trended there typically see to Or has the recently revenue - growth quarter?

Dan Rykhus

Generally speaking, in correlation Permian Basin there's geomembrane between strong counts our the and sales. a market rig

counts So we'd see expect rig sales our improvement up that we into market. in an that as would go

of the basis. we that that of monitor we submarket the so a energy closely. And - About revenues space, XX% in geomembrane in generate space is which the in are Permian

Jason Freuchtel

in fiscal driving Latin it and in expanding of growth the to incremental in Latin year North lastly, to more weakness your And I America expand the market America some guess seen where realize see any how long Are ag benefits you significantly you XXXX? in have North in will America recently. lower take America nice desire in expectations

Dan Rykhus

States. invest in of to Yeah. America what's United in I would say the was decision the in and North happening Brazil independent

we there. would the the a in to as domestically small calendar a tremendous improving where we - had expect think start Brazil, market agricultural we this It's we've year. of market, look amount see presence at large a I market a regarding potential And very down to significant with amount and region. good year would on ramping we see upside end we of significantly sizable want a investment rate be this run we and make revenues fiscal in a the by but expect in of Brazil that our a past, and where to

Operator

Dougherty Company. Our & Jon Fisher next is question from follow-up from a

Jon Fisher

in at breakdown or from give growth any outside that. are on opportunities contributions standpoint it Latin focused And in a interested Europe investment in can America US, US, of investing and just growing also? the revenues, Just would Asia you be you outside you and if your markets the from presence then is looking growth are in

Steven Brazones

Yes.

Australia. So Those at we're invest to us. right to less continuing unique. likely to at time, are very we're little I point at now, would say, appealing that markets bit our investment time. into are in say the go Asia Brazil I to further Europe, in into look would is quite opportunities But Eastern same a this

think I geographies returns a mentioned the see to got opportunities number in relative higher we've I Asia of Pacific. to

being looking we Just for of have largest our outside the Latin XX% Europe and a our United about applied at America, States say, that. regional are sales portions technology from revenues with, of Canada I overall would basis, the

Jon Fisher

is you to America like And introducing understood And since mentioned sure the there the and Brazil/Latin long there? be that would given in and it uptake take if to contribution I case, that make that this of push sounds product prepared to kind to going it Latin then comments, Brazil into the just of it just expect America, fiscal Hawkeye with introduction want you how in I the or meaningful you're Hawkeye correctly. be year. for

Dan Rykhus

Yeah.

Brazil been we're launch launching so - there there's working within a Hawkeye to down this expect We and in traction year. our and a of significant as had to Hawkeye April office platform there. going in technology that expect down be we We're amount be employees our speak new interest and in we've with there to the

Operator

line the And Securities. up have Bibb Craig follow from from we CJS of a

Craig Bibb

CLI. on quick a up Just follow

for and of owned for CLI now and any the You've combined guys quarters post-merger? in what any been benefits, direction have and it you Raven both key for a surprises since couple have

Dan Rykhus

and say similar since we better than integration cultures we've been is realization with I been since expected. market expected. Synergy have and additional extremely and the to engineered really say so servicing we we've films, the about uncovered companies would happy acquisition, teams I have energies geomembrane Raven brings than acquisition. capabilities that the all the able within CLI garner cost the better to excited CLI and particularly has Yeah. time - that additional announced the market. we're both in all, to uncovered gone would We've that the

So, we've and is going surprised well. very accretion our expectations. gone been exceeding to pleasantly Integration be very, is going well it's

Operator

queue. And the the remarks. not for to questions I further final back you. his would turn Thank showing Dan I'm Rykhus in call to Mr. any like

Dan Rykhus

forward for look giving off the look to to thanks strong to have all we And you we May. continuing for start to Bo year great and We're expectations year. answers. a a detailed updating have really those and you. great today. Thank We all high Thanks this to forward Steven in and for questions

Operator

the ladies disconnect. we day. that today's This gentlemen, a conference. may concludes Have program thank you with all And wonderful for in you and and participating

Raven Industries (RAVN) 7 Mar 182018 Q4 Earnings call transcript