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Drew Industries Inc., parent of RV industry supplier firms Kinro, Lippert and Zieman, reported record sales and earnings for the three months ended June 30.
The company’s net income increased 53% during the April-through-June period to $8.2 million, compared with $5.3 million a year earlier. Drew’s RV-related operating earnings increased 51% during the three months to $10.4 million, compared with $6.9 million a year earlier.
Meanwhile, Drew’s total sales increased 58% during the second quarter to $141.7 million, compared with $89.4 million a year earlier, and its RV-related sales rose by 69% to $93.8 million, compared with $55.5 million.
Drew’s second quarter sales total of $141.7 million included $12 million in revenue from Zieman, a West Coast supplier of travel trailer and fifth-wheel frames, which Drew acquired effective May 4.
Additionally, Drew’s RV-related sales increased during the second quarter because of sales of newly introduced slideout mechanisms and motorhome stabilizer products, along with added business from existing customers, according to the company.
About half of Drew’s RV industry-related sales growth came as a result of acquisitions and price increases, particularly because of higher prices for steel.
Steel prices now are double to triple what they were a year ago, depending on the grade and type of steel, said Leigh Abrams, president and CEO of Drew.
“Drew implemented significant price increases and surcharges to customers to help offset the huge price increases for steel and, to a lesser extent, aluminum,” Abrams reported. “Steel prices remain unstable and further price increases have been projected.”
To reduce the impact of higher steel prices, Drew “has expended extraordinary resources to acquire as much steel as possible in order to avoid some of the price increases and defer price increases to its customers as long as possible,” Abrams added.
In addition to towable RV chassis, slideout mechanisms and power units, Drew also supplies RV windows and doors.