Strong motorhome performance offset a drop in travel-trailer and camping-trailer sales as Fleetwood Enterprises Inc. reported today (Sept. 7) a 13% increase in revenues for the company’s first fiscal quarter of 2005, which ended July 25.
Riverside, Calif.-based Fleetwood reported net income of $6.7 million compared with $1.9 million for the same quarter last year. Company revenues reached $727.8 million, representing a 13% increase over the prior year’s $646.1 million.
“The momentum in product innovation and manufacturing efficiencies that Fleetwood has been building continues to be apparent in our results,” said Edward B. Caudill, president and chief executive officer. “Our motorhome division is performing particularly well and, while it contributed much of the operating profit, both divisions of our Housing Group also showed substantial improvement.”
Recreational vehicle sales in the first quarter rose 11% to $485.7 million from $436.5 million in the prior year. Sales of motorhomes improved by 24% to $317.9 million from $257.3 million last year, because of higher volumes and a shift to a heavier mix of high-end products, according to Fleetwood officials.
Travel-trailer and folding-trailer sales decreased by 7% and 5%, respectively.
Fleetwood’s RV Group earned $15.6 million in operating income, compared with $15.7 million last year. The motorhome division’s operating income improved by $4.8 million to $16.9 million, but was offset by lower operating income in travel trailers and a loss in folding trailers.
The travel-trailer division earned operating income of $400,000 on revenues of $146.4 million, and folding trailers lost $1.7 million on $21.4 million in sales.