MHProNews.com has learned that Drew Industries, Inc. – a supplier of components to the manufactured housing and recreational vehicle industries – has released it’s third quarter results. Revenue rose 13.6 percent to $166.7 million from $146.8 million. Sales of RV components rose 12 percent to $136 million, while manufactured housing sales rose 23 percent to $30 million. Cost of sales increased 17 percent to $134.7 million from $115 million. net income fell to $5.6 million, or 25 cents per share, in the third quarter ended Sept. 30. Results are down from $8 million, or 36 cents per share, in the same quarter in 2010. “While the sales price increases we implemented did not fully offset peak raw material costs, based on recent cost trends we expect the impact of high raw material costs to decline over the coming months,” Fred Zinn, Drew’s president and CEO, statement said. At the bell yesterday, Drew Industries closed at 22.91 -0.82 (-3.46%), but it should be noted that a general decline in tracked manufactured housing stocks occurred yesterday. Drew operates dozens of manufacturing facilities nationwide and operates under wholly owned subsidiaries such as Kinro and Lipperrt.
(Graphic credit: Drew logo)