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Strong September sales, boosted by orders related to the government’s hurricane relief efforts, resulted in record third-quarter revenue and a 30% increase in net income for Drew Industries Inc.
Drew, parent to recreational vehicle and manufactured housing suppliers Lippert Components Inc. and Kinro Inc., said it shipped between $6 million and $8 million of FEMA-related orders in the last 15 days of the quarter. The company forecast such sales would total more than $20 million in the fourth quarter.
The White Plains, N.Y., firm reported net income for the quarter, ended Sept. 30, rose to $9.8 million from $7.5 million a year ago while sales increased 15% to $170.8 million from $148.8 million. Results included a previously disclosed gain on a legal settlement of roughly $700,000.
For the nine months, Drew reported net income of $24.3 million compared to $21.7 million the previous year on sales of $488 million versus $399 million.
“This was a challenging third quarter, primarily because of the rapid changes and shifts in the markets we operate in,” said Leigh J. Abrams, Drew’s president and CEO.  “During the second quarter and continuing into July and early August, RV sales at both the retail and wholesale levels were weak due to a combination of factors, including excess inventory at dealers, weak retail demand resulting from increasing gas prices and interest costs, and falling consumer confidence.”
“However, the outlook in both the RV and manufactured housing industries changed as a result of Hurricane Katrina in late August, and to a lesser extent Hurricane Rita in late September.”