Hurt by high material and production costs, Drew Industries, Inc. announced fourth quarter earnings lower than expected. According to information MHProNews.com has received from Reuters, the RV and MH component maker saw net sales rise 50 percent to $160 million, and income rise by $1 million to $4.1 million over the previous year. Still, analysts expected per share profit to hit 20 cents per share, instead of the eighteen cents per share attained for the White Plains, NY based conglomerate. In a statement, Drew said “The short-term factors which adversely affected Drew’s fourth-quarter results were almost entirely related to the RV segment.” Drew is the parent company of Lippert Component Mfg., Inc., and Kinro Mfg. Inc., of northern Indiana. Drew’s stock gained 8.21 percent in today’s trading to close at 28.72.
(Graphic credit: Drew Ind.)