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The strong RV market in the U.S. and Canada helps to explain the threefold increase in Glendale International Corp.’s third fiscal quarter earnings, the Oakville, Ontario-based company reported.
The company earned $1.3 million (Canadian) net during the three months ended Aug. 30, compared with $339,000 (Canadian) earned during the same period a year earlier.
One Canadian dollar is worth 63 cents in U.S. currency at current exchange rates.
Meanwhile, Glendale’s total sales during the June-through-August period increased 14% to $37.6 million (Canadian).
The company’s RV sales revenue increased 19% during its third fiscal quarter to $25.6 million (Canadian) and its RV operating earnings soared 66% higher during the June-through-August period to $2.4 million (Canadian).
“The RV division is successfully capitalizing on the strong market in the U.S.,” said Edward Hanna, president and CEO.
During the nine months ended Aug. 30, Glendale’s net earnings climbed 142% higher to $4.3 million (Canadian) on total sales that increased 13% to $124.4 million.
The Toronto Stock Exchange-listed company’s RV sales increased 16% during the nine months ended Aug. 30 to $87.3 million (Canadian) and its RV-related operating earnings increased 70% during the period to $8.4 million (Canadian).