Even though it reported a $26.4 million first quarter net loss today (April 24) due to an accounting technicality, the price of Drew Industries Inc. stock climbed $2.09 a share, or 16.5%, higher to close at $14.79.
Drew’s stock price increased, most likely, because — excluding the impact of a $30.1 million non-cash charge to account for goodwill impairment — its first quarter profits increased almost fourfold. The supplier to the RV and manufactured housing industries earned $3.5 million during the three months ended March 31, excluding the one-time-only $30.1 million charge, compared with $867,000 earned during the first quarter of 2001.
Drew is the parent of RV industry supplier firms Lippert Components and Kinro.
Meanwhile, Featherlite Inc. stock declined 58 cents today, or 15%, to close at $3.20 a share.
However, anyone who owned stock in the specialty trailer and bus conversion manufacturer before the beginning of this week still has reason to smile. That is because Featherlite stock traded for $1.30 a share as recently as Friday (April 19).
Featherlite’s stock climbed dramatically after it reported early Monday morning that it returned to profitability during the first quarter.