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Monaco Coach Corp. reports its third quarter net earnings increased 78% on a 31% increase in sales revenue.
The New York Stock Exchange-listed company earned $11.8 million during the three months ended Sept. 28, compared with $6.6 million earned a year earlier.
Monaco’s sales revenue climbed during the July-through-September period to $314.7 million, compared with $240.8 million a year earlier.
After the first nine months of this year, Monaco’s net earnings were up 87% to $32.4 million, compared with $17.3 million a year earlier. The company’s sales revenue also increased 37% during the nine months ended Sept. 28 to $922 million, compared with $675.5 million a year earlier.
“We’re happy with our sales activity at the recent retail shows and overall industry demand remains solid,” said John Nepute, Monaco’s president. “Industrywide, the gasoline-powered and low-end diesel-powered motorhome market segments remain very competitive in terms of products and pricing, although our brands continue to perform well in these segments.”
Meanwhile, Kay Toolson, Monaco’s chairman and CEO, said, “Our 2003 models have been well received by our dealers and retail customers. The strength of our products, combined with excellent industry fundamentals and outstanding demographic trends should allow us to further increase production levels as the economy gains momentum.
“For now, we are continuing to realize efficiencies and margin improvement as a result of increased production rates and the further integration of our product lines and models,” Toolson added.
Monaco increased by 20% the number of motorhomes and towable RV units that it sold during the three months ended Sept. 28. The company sold 2,846 units during the July-through-September period, compared with 2,371 units wholesaled during the same portion of 2001. The company shipped 2,041 motorhomes and 805 towables during the three months ended Sept. 28.
During the nine months ended Sept. 28, Monaco sold a total of 8,534 motorhomes and towables to its dealers, a 21% increase from the 7,062 units it shipped during the same period a year earlier. There were 6,059 motorhomes and 2,475 towables shipped by Monaco during the first nine months of this year.
Monaco recently announced plans to expand its towable RV assembly plant in Elkhart, Ind., in an effort to satisfy “healthy demand for our towable offerings,” Nepute said.
The Coburg, Ore.-based company hopes to begin the towables plant expansion project next month and to complete the building in 2004, although it intends to begin using a portion of the expanded building next year.