Consolidated net sales for the fourth quarter of fiscal 2020 were $85.8 million, down 2.6% vs. the fourth quarter of fiscal 2019. The year-over-year decline was driven by Engineered Films. The division experienced lower sales demand in the geomembrane market (specifically in the energy sub-market) in addition to a $4 million decrease in hurricane recovery film sales. The decline in Engineered Films was mostly offset by growth in Applied Technology and Aerostar. Net sales for those two divisions grew 12.5% and 42.3%, respectively, versus the fourth quarter of fiscal 2019.
Consolidated operating income for the fourth quarter of fiscal 2020 was $2.9 million vs. operating income of $3.4 million in the fourth quarter of fiscal 2019, decreasing 13.2% year-over-year. Included in the results for the fourth quarter of fiscal 2020 was $3.2 million of Raven Autonomy related expenses. The change in consolidated operating income was driven by lower sales and corresponding negative operating leverage in Engineered Films as well as Raven Autonomy related expenses. These impacts were partially offset by increased sales volume and improved profitability within Aerostar and Applied Technology's underlying businesses.
Fiscal Year 2019
Consolidated net sales for fiscal 2020 were $382.5 million, down 5.9% vs. fiscal 2019. Net sales growth in both Aerostar and Applied Technology was offset by a decline in Engineered Films. In Engineered Films, the decrease in year-over-year net sales was driven by lower demand in its geomembrane market, in addition to a $12.6 million decline in hurricane recovery film sales.
Consolidated operating income for fiscal 2020 was $39.9 million, down 27.6%, vs. $55.1 million in fiscal 2019. Included in the results for fiscal 2020 was $3.2 million of Raven Autonomy related expenses. The year-over-year decline was principally driven by lower sales volume and corresponding negative operating leverage in Engineered Films, Raven Autonomy related expenses, and increased investment in research and development expenses in Applied Technology. Included in consolidated operating income for both fiscal 2019 and fiscal 2020 were Project Atlas related expenses, with fiscal 2019 also including an expense associated with a gift to South Dakota State University (see figures below).
Applied Technology Division
Net sales for Applied Technology in the fourth quarter of fiscal 2020 were $32.9 million, up 12.5% year-over-year. Despite the continued ag market challenges in North America caused by the historically wet spring, the division achieved year-over-year growth led by the strength of its product portfolio, which drove higher sales volume in both the U.S. and Latin America.
Division operating income in the fourth quarter of fiscal 2020 was $5.6 million, down $1 million or 15.5% versus the fourth quarter of fiscal 2019. This year's fourth quarter results included $2.8 million in research and development and other Raven Autonomy related expenses. In Applied Technology's underlying business, the division achieved growth in sales volume and produced strong incremental margins.
Fiscal 2021 Outlook
"While we are extremely excited about our long-term future, we cannot ignore the global economic uncertainties brought about by recent world events," said Dan Rykhus, president and CEO. "This will be a very interesting and challenging year for Raven. While we are in such a unique position to capitalize on significant opportunities in the marketplace by advancing Raven Autonomy and Raven Composites, we are not going to be as bold as we would prefer in fiscal 2021. We face great uncertainty and we must be prudent. We will be emphasizing the following four strategic priorities: upholding the Raven Way in all the decisions we make, emphasizing cash flow and liquidity from a position of strength, protecting the core business and our strong market positions, and continuing to invest in Raven Autonomy, a strategic platform with tremendous long-term growth potential.
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