The Coast Distribution System reported record earnings during the Morgan Hill, Calif.-based company’s second quarter, boosted by sales from a new line of power generators.
Coast, an aftermarket supplier to the recreational vehicle and marine industries, said second-quarter net income increased 40% to $3 million compared with $2.2 million a year ago while sales rose 9.7% to $56.8 million from $51.7 million.
“We posted our best quarterly earnings in company history, despite the continuing sluggishness in the marine and RV industries, our two primary markets,” said Coast Chairman and CEO Thomas R. McGuire.
For the six months, ended June 30, net earnings increased to $4.1 million compared with $3.1 million the previous year and sales totaled $108.3 million versus $101.6 million.
Coast attributed its increased profitability to higher sales from its line of portable and standby power generators introduced in September 2005.
“The Kipor portable and standby power generators have rapidly become one of our top-selling product lines, and we continue to add market share in this profitable category,” McGuire said.