Drew Industries Inc., parent of RV industry supplier firms Kinro and Lippert, reported its second quarter total revenues declined 11% despite a 29% increase in sales to RV industry customers.
Drew also supplies the manufactured housing industry and lower levels of sales to manufactured home OEMs accounted for the 11% decline in total revenues to $79.2 million during the three months ended June 30.
Drew’s RV sales amounted to $26.7 million during the second quarter.
Meanwhile, Drew’s earnings declined 53% during the April-through-June period to $2.4 million.
“Industry sales of towable RVs, the primary market for Drew’s RV products, have remained strong, but growth has slowed,” according to Drew.
During the first half of this year, Drew’s earnings declined 43% to $5.1 million and its total sales declined 12% to $153.8 million.