Coachmen Industries Inc. reported its third quarter earnings declined 76% largely due to slower motorized and towable RV sales.
The company earned $2.3 million during the three months ended Sept. 30, compared with $9.5 million earned a year earlier.
Coachmen’s third quarter sales also were down 19% to $182.7 million.
After the first nine months of this year, Coachmen’s earnings were down 61% to $10.0 million and its sales were down 12% to $565.8 million.
“The softening in the RV market that began earlier in the year intensified during the third quarter and has impacted all product categories except travel trailers, where unit sales were up 5%,” according to Coachmen’s statement.
Coachmen reported its motorhome sales revenue was down 14.8% and its total towables sales were down 4.7% when the first nine months of this year are compared with the same portion of 1999.
“The company believes these market conditions reflect consumer concerns about rising interest rates and fuel prices and dealer concerns regarding inventory levels and financing,” according to Coachmen’s statement. “These factors, together with aggressive discounting within the industry, were reflected in both sales and earnings. It is anticipated that these conditions will continue at least through the remainder of the year.”