Drew: 16 Percent Decline in Manufactured Homes

Drew Industries, a leading supplier of components for recreational vehicles (RVs) and manufactured homes, recently reported net income for the fourth quarter ended December 31, 2010 of $3.1 million, or $0.14 per diluted share, compared to net income of $2.9 million, or $0.13 per diluted share in the fourth quarter of 2009. Net sales in the 2010 fourth quarter exceeded $106 million, up two percent compared to 2009 fourth quarter net sales. Industry-wide wholesale shipments of travel trailers and fifth-wheel RVs, Drew’s primary RV market, increased 4 percent in the quarter, while industry-wide production of manufactured homes declined 16 percent. Drew’s RV Segment represented 81 percent of consolidated net sales. The company’s net sales in January 2011 reached approximately $51 million, 16 percent higher than in January 2010. “This was a great start to the new year and builds on our success in 2010,” says Fred Zinn, Drew’s President and CEO. “Further, recent reports of increased sales at consumer RV shows over the last month, as well as indications that credit availability has been improving, along with higher consumer confidence readings in four of the last five months, are all encouraging signs for Drew and the RV industry.”

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