Drew Industries Inc. reported record revenues and earnings for its second quarter, marked by expansion and market share growth in the company’s core recreational vehicle and manufactured housing markets.
The White Plains, N.Y.-based company, parent to suppliers Lippert Components Inc. and Kinro, posted net income in the quarter of $8.7 million compared with $8.2 million last year. Sales during the three-month period rose 15% to $163 million from $142 million in 2004.
For the six months, Drew reported earnings of $14.5 million versus $14.1 million the year prior on sales of $318 million, up from $250 million in 2004.
Drew continued to expand operations in the quarter, including Goshen, Ind.-based Lippert’s acquisition of MH chassis supplier Venture Welding and the introduction of several new product lines.
“During the quarter, we captured additional market share for our recently introduced slide-out mechanisms and leveling devices for motorhomes, as well as for RV axles, bath products, and steps,” said Leigh Abrams, Drew president and CEO. “Our specialty trailer operation in Indiana, opened earlier this year, has continued to expand, and our new window factory in Arizona commenced operations only a few days ago.”
The company reported second quarter net sales in the RV segment increased 18% to $111 million from $94 million last year, despite slowing in June and early July due to reduced production by RV manufacturers.
“Production efficiencies improved throughout our RV operations, even with the time and expense related to new product introductions,” said Abrams. “Our operating management continues to do an outstanding job of controlling costs while simultaneously moving ahead with expansion programs which will enable us to continue to exceed industry growth.”