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Investors clearly were pleased with Monaco Coach Corp.’s fourth quarter and full-year 2003 earnings report, which was released Tuesday morning (Feb. 3).
In New York Stock Exchange trading Tuesday, Monaco’s stock climbed as high as $25.70 a share, surpassing its previous 52-week high of $25.33.
Monaco’s stock closed $2.96 a share higher on Tuesday, a gain of 13% for the day, at $25.60.
Monaco, the leading diesel pusher Class A motorhome producer, had a difficult first half of 2003 because of excess unit inventory around the time of the war with Iraq. In response, Monaco shut down its plants for one week, worked four-day weeks at other times, laid off 14% of its work force and lowered its prices so it could move the excess units through the pipeline.
The reduced production schedules were reflected in the shipments data Monaco revealed Tuesday.
The firm’s motorhome shipments declined 12% in 2003 to 7,051 units, compared with 8,005 units shipped in 2002. The company’s towables shipments also declined 20% to 2,593 units in 2003, versus 3,206 in 2002.
However, investors apparently are enthusiastic about the fact that Monaco’s business recovered during the second half of 2003, and it appears the upward trend will continue this year.
Although Monaco’s net earnings declined by 50% to $22.2 million in 2003, compared with $44.5 million in 2002, the company is forecasting it will earn $45 million to $49 million in 2004.