Agriculture technology company Raven Industries Inc. reported Monday that higher demand helped drive its second-quarter net income up 49%.
The company earned $12.5 million, or 68 cents per share, compared with $8.4 million, or 46 cents per share, in the same quarter last year. Revenue rose 23% to $90.3 million.
Analysts polled by FactSet expected the company would earn 51 cents per share on revenue of $8.47 million.
Raven said its investment in its applied technology division, which delivered the strongest gains, is paying off. The company also saw increased orders from international markets.
Shares of the company, based in Sioux Falls, S.D., rose $1.71, or 3.8%, to $46.99 in afternoon trading.