Net income in the comparable quarter of 2014 was $18.6 million, or $0.77 per diluted share, according to prnewswire. Drew’s recreational vehicle (RV) sector accounted for 92 percent of net sales in Q2 2015, based upon a 14 percent increase in this sector for 2015 over the same period of 2014. Acquisitions by Drew in 2014 thru Q2 2015 added $21 million in net sales for this reporting quarter, MHProNews has learned.
In the manufactured housing segment sales declined nearly two percent to $57.4 million, but profitability increased 16 percent over the same quarter last year.
“With the strong underlying demand for our products in the second quarter of 2015, we achieved record quarterly net sales for the second time this year,” said Jason Lippert, Drew’s Chief Executive Officer. “The industries we serve continue to grow, which, when coupled with our recent acquisitions, new products and market share gains, have led to the significant increase in our net sales for the second quarter of 2015. “RV industry fundamentals remain strong, as evidenced by the 12 percent increase in industry-wide retail sales of travel trailer and fifth-wheel RVs in the first five months of 2015,” continued Lippert. “The long-term strength of underlying retail demand has resulted in fifteen consecutive quarterly increases in RV wholesale production of travel trailer and fifth-wheel RVs.”
As MHProNews knows, Drew is a component supplier to the manufactured housing and recreational vehicle industries. Shares of Drew’s stock closed today, Aug. 4, 2015 at $56.95, down -4.17 percent, but up +15.08 on the year. ##
(Image credit: Drew Industries, Inc.)
