Drew Industries Inc., parent of towable RV chassis supplier Lippert Components and RV door and window supplier Kinro, reports sharply higher second quarter earnings which resulted from increased sales to RV industry customers.
Drew, also a manufactured housing industry supplier, reports its second quarter net income climbed 60% higher to $4.8 million on total sales that were up 24% to $88.9 million.
The company’s sales to RV industry customers were up 53% during the three months ended June 30 to $44 million and its RV industry-related operating profit climbed 40% to $4.1 million.
During the April-through-June period, RV customers accounted for 50% of Drew’s total sales revenue, compared with 40% a year earlier. Manufactured housing industry firms accounted for the balance of Drew’s sales.
Increases in Lippert Components and Kinro sales contributed to the growth of Drew’s RV business, according to the company.
“We continued to outpace both the RV and manufactured housing industries in terms of sales and, importantly, both operating segments have continued to produce profitable growth,” said Leigh Abrams, Drew’s president and CEO.
More market share growth in the towable RV chassis sector is expected because Drew recently opened a new towable RV chassis assembly plant in Portland, Ore., Abrams added.
For the first half of this year, Drew is reporting a net loss of $21.8 million primarily because of a change in accounting methods. During the first half of 2001, Drew’s net income totaled $3.8 million.
Drew’s total sales during the six months ended June 30 were up 25% to $163.6 million.