Drew Industries Inc., parent of RV industry supplier firms Lippert and Kinro, reported lower third quarter earnings despite continued strong sales of frames to the manufacturers of towable RVs.
The American Stock Exchange-listed firm reported its earnings declined 76% during the three months ended Sept. 30, primarily because the manufactured housing industry remains in a slump, according to the company.
Drew’s sales during the July-through-September period declined 6% to $79.7 million.
After the first nine months of this year, Drew’s earnings were down 54% to $6.2 million and its sales were down 10% to $228.7 million.
Drew has benefited from the decision by several major towable RV manufacturers to buy frames from Drew, instead of fabricating their own. “As a result of an increase in Drew’s market share, growth of Drew’s RV product sales has far outpaced the industry,” according to the company.