The year-over-year sales increase reflects industry-wide growth in the RV market which rose by 11 percent in the first quarter. In April alone, Drew’s sales were 11 percent higher than the previous April, hitting $145 million.
Jason Lippert, Drew’s Chief Executive Officer, said, “This growth reflects the current strength of our industry, as well as the continued execution of our plan to drive growth in our primary areas of focus. This includes growth from acquisitions, focusing on the needs of the aftermarket customer, new markets for core products and organic growth from innovative new products, enhancements to existing products and market share gains. Of particular note, our net sales attributable to the aftermarket and adjacent industries increased during the 2016 first quarter by a combined $28 million, or 46 percent.”
The 2016 acquisitions Lippert referred to add $57 million in annual sales. Operating profit in Q1 of 2016 nearly doubled from Q1 2015, $32 million to $56 million in Q1 2016.
Lippert adds, we want to be “the supplier of choice for the industries we serve. We are excited by what the future holds as we continue to innovate and expand with new products, new customers, new markets and new geographies.” ##
(Image credit: Drew Industries, Inc.)
