Drew Industries Drew Well from the 2013 Well

Drew Industries, Inc. reported net sales for the year ending 2013 increased $114 million over last year to a record $1.02 billion, resulting in income of $50.1 million, $2.11 per diluted share, a rise from net income for 2012 of $37.3 million, or $1.64 per diluted share. Had it not been for charges of executive succession, income for 2013 would have been $51.3 million, according to seekingalpha.com.

For Q4 ending Dec. 31, 2013, Drew said net sales rose 12 percent over the same period 2012 to $225 million, producing net income of $11.1 million, or $0.46 per diluted share, for the fourth quarter ended December 31, 2013, compared to net income of $4.7 million, or $0.21 per diluted share, for the fourth quarter ending December 31, 2012.

Scott Mereness, Drew’s president, said, “Our operating profit margins in the fourth quarter of 2013 were 7.2 percent compared to 3.4 percent in the fourth quarter of 2012. The fourth quarter is seasonally the slowest sales quarter of the year. The 2013 fourth quarter operating profit margins were higher than the comparable period of 2012 largely due to efficiency improvements, declines in the costs of implementing facility consolidations and realignments, and the spreading of fixed costs over a larger sales base.”  Overall, the RV industry increased sales by 13 percent in 2013. As MHProNews.com knows, through its Lippest subsidiary Drew provides components for the manufactured housing and recreational vehicle industries.

(Photo credit: Wikipedia–manufactured home chassis)


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