Drew Reports Second Quarter Financials

equities says Drew Industries, Inc (NYSE:DW) reports record net sales for the second quarter of 2012 of $251 million, a 35% increase over Q2 2011, a record for any quarter, primarily due to a 39% increase in the RV division, while acknowledging the manufactured housing sales segment also increased due to the 13% industry-wide gain in MH production. Additionally, net sales for July, 2012 increased 35%. The company’s operating profit margin was 7.6% in the second quarter of 2012 as compared to 7.8% in Q1 2012, reflecting a higher-than-expected demand for their products which resulted in excess labor, overtime, and outsourcing costs in order to meet commitments to customers, primarily in the RV sector. President and CEO Fred Zinn said, “The increased demand for our products will ultimately benefit our long-term profitability, as we increase capacity and improve production efficiencies.” The company has the capacity for increased production in the manufactured housing products segment resulting in an operating profit increase of $1.1 million compared to the second quarter of 2011. As MHProNews knows, Drew Industries supplies an array of components to the manufactured and modular housing and RV industries.

(Image credit: Drew Industries, Inc.)

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