Top

Drew Industries to Report 3Q Financials Oct. 31

October 17, 2012 by · Leave a Comment 

Drew Industries Inc., parent to RV and MH suppliers Lippert Components Inc. and Kinro Inc., will release its third quarter 2012 financial results before the market opens on Oct. 31.

The White Plains, N.Y.-based company will also host a conference call on Oct. 31 at 11 a.m. (Eastern) to discuss its results and other business matters.

Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. Individual investors, retail brokers and the media are invited to listen to a live webcast of the call on Drew Industries’ website at www.drewindustries.com.

 

 

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Thor, Patrick, Drew are Enjoying Stock Bounce

October 8, 2012 by · Leave a Comment 

It was tough not to notice the recreational vehicle group over the past week, according to a report by Investors.com

Drew Industries Inc. jumped 7% for the week. Patrick Industries Inc. settled 13% higher, after spiking 20% on Monday (Oct. 1). Group leader Thor Industries Inc. coasted home with a 1% gain but has a three- month advance under its belt, including a 15% gain for September.

The entire group lagged in the rankings, ranked No. 134 at the start of August. It broad-jumped into the Top 20 this week to end Friday at No. 18.

What happened?

The annual RV show in Hershey, Pa., billed as “America’s Largest RV Show,” ran from Sept. 19-23.

Thor reported “record retail sales for units sold” at the annual show. RV maker and Berkshire Hathaway subsidiary Forest River Inc. said it sold “virtually hundreds of units” at the show.

Although this industry group is listed in the building sector, the top stocks are really leisure sector plays. Thor and Drew see more than three-quarters and Patrick more than half their revenue from RV sales.

Snowmobile and off-road vehicle sales have gone great guns for the past two years, sending Polaris sales to record highs last year. The stock soared 233% since a March 2010 breakout.

RV makers have been a different bag of nuts, but they service very similar audiences. And they have also seen an accelerating recovery in sales beginning last year.

 

 

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Drew to Mark 50th; Will Ring NYSE Closing Bell

October 2, 2012 by · Leave a Comment 

Drew Industries Inc., parent to Lippert Components Inc. and Kinro Inc., will ring the closing bell at the New York Stock Exchange (NYSE) on Oct. 5 to commemorate Drew’s 50th year as a publicly owned company.

According to a press release, members of Drew’s board along with executive officers from Drew, Lippert and Kinro will join in the ceremony.

Drew’s initial public offering was completed in 1962, at which time it was engaged primarily in real estate financing, ownership and management. During the ensuing years, as a result of management’s focus on creating shareholder value, Drew entered new markets while completing over 35 acquisitions.

Today, from 31 factories located throughout the U.S. and with a work force of 5,000 employees, Drew is the largest supplier of components to major national manufacturers of recreational vehicles and manufactured homes and has annual revenues in excess of $800 million.

Drew Chairman Leigh J. Abrams noted, “We are extremely pleased with the success of our first 50 years, and our young and dynamic operating executives that have risen to top management positions with us over the past decade. They have the capability, enthusiasm and experience to continue to propel the company forward.”

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Lippert Names New Seat-Tech Sales Manager

September 5, 2012 by · Leave a Comment 

Tim Meade

Lippert Components Inc. (LCI) announced today (Sept. 5) that Tim Meade has been appointed sales manager of its seating technologies division, Seat-Tech.

Meade will be in charge of account procurement and retention for Seat-Tech. Meade brings over 20 years of experience in seating sales, design and manufacturing, having worked for some of the best known brands in the seating industry segment, according to a news release.

“As a seating industry veteran, Tim Meade will be instrumental in helping LCI’s Seating Technologies division open new markets, continue our current market growth and expand our product development in the industries we serve,” stated Vice President of Sales for Seat-Tech Ryan Smith. “Meade brings us great value in field sales with his extensive existing customer relationships.”

About Lippert Components

Lippert Components, established in 1956, and Kinro Inc., its sister company, subsidiaries of Drew Industries Inc., are industry leaders producing a broad line of products dedicated to improving the mobile lifestyle. Lippert Components and Kinro supply a wide variety of components for RVs, manufactured homes, modular housing, truck caps and buses, as well as for trailers used to haul boats, livestock, equipment and other cargo, including chassis, fabricated steel chassis parts, slide-out mechanisms, axles, upholstered furniture, mattresses, windows, doors, leveling and stabilization equipment, suspension enhancement products, electronics and thermoformed products.

 

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Drew Posts Record 2Q Sales; Earnings Up 6%

August 2, 2012 by · Leave a Comment 

Drew Industries Inc., parent to RV and manufactured housing suppliers Kinro Inc. and Lippert Components Inc., today (Aug. 2) reported net income of $11.7 million, or $0.52 per diluted share, for its second quarter ended June 30 compared to net income of $11.0 million, or $0.49 per diluted share, in the second quarter of 2011.

Net sales in the quarter increased to $251 million, a record for any quarter and 35% higher than the same period a year ago. This sales growth was primarily the result of a 39% sales increase by Drew’s RV segment, which accounted for 87% of Drew’s consolidated net sales. RV segment sales growth was largely due to acquisitions, market share gains, and an 8% increase in industrywide wholesale shipments of travel trailer and fifth-wheel RVs, Drew’s primary RV market. In addition, sales to adjacent markets more than doubled this quarter, largely as a result of acquisitions and an increase in sales of axles to non-RV markets. Drew’s MH Segment also reported strong sales growth in the second quarter of 2012, due to an estimated 13% increase in industrywide production of manufactured homes. Excluding the impact of acquisitions, consolidated sales were up 23%.

Drew’s sales growth continued in July 2012, during which sales reached approximately $73 million, 49% higher than in July 2011. Excluding the impact of acquisitions, net sales for July 2012 were up approximately 35%. It is estimated that industrywide shipments of travel trailer and fifth-wheel RVs increased 20% to 25% in July 2012.

Drew’s operating profit margin was 7.6% in the second quarter of 2012 compared to 7.8 percent in the 2012 first quarter. Profit margins continue to be impacted by excess labor, overtime and related costs, all of which reduced net income by approximately $3 million, or $0.13 per diluted share compared to expectations. These higher costs were the result of lower operating efficiencies due to greater-than-expected demand which caused the company to hire, train and support 1,100 more employees than in the second quarter of 2011. Material cost as a percent of sales was also higher than in the first quarter, partly as a result of increased outsourcing costs due to capacity limitations, as well as higher scrap costs.

“As a result of higher-than-expected demand for our products throughout the second quarter of 2012, our operating margins did not improve sequentially as had been anticipated,” said Fred Zinn, Drew’s president and CEO. “In some product lines, demand exceeded our capability to efficiently produce. In order to maintain our commitments to customers for on-time delivery of quality products, we incurred substantial overtime costs and other inefficiencies. However, the increased demand for our products will ultimately benefit our long-term profitability, as we increase capacity and improve production efficiencies.”

“We continue to devote significant effort, and invest financial resources, to expand production capacity and improve production efficiencies,” said Jason Lippert, CEO of Drew’s subsidiaries, Lippert Components and Kinro. “Over the past year and a half we have added 700,000 square feet of production space, and plan to reopen some of the space we shuttered in prior years. Further, we are developing leaner manufacturing strategies, and exploring technology to improve our production capabilities. We have experienced growth surges in the past, and we have right-sized our capacity through investment in people, technology and facilities. While the full impact of such investments takes time to realize, we expect production efficiencies to improve, and we will continue to invest in order to realize our future potential.”

Drew will provide an online, real-time webcast of its second quarter 2012 earnings conference call on the company’s website, www.drewindustries.com today at 11 a.m. Eastern. The call can also be accessed at www.companyboardroom.com.

To view the entire report click here.

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Drew Industries to Release 2Q Earnings Aug. 2

July 20, 2012 by · Leave a Comment 

Drew Industries Inc., parent to suppliers Lippert Components Inc. and Kinro Inc., will release its second quarter 2012 financial results before the market opens on Aug. 2.

Drew Industries also will host a conference call on at 11 a.m. (Eastern) to discuss its results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts.

Individual investors, retail brokers and the media are invited to listen to a live webcast of the call on Drew Industries’ website at www.drewindustries.com.

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Drew Industries 1Q Sales Set All-Time Record

May 3, 2012 by · Leave a Comment 

White Plains, N.Y.-based Drew Industries Inc., parent to recreational vehicle and manufactured housing suppliers Lippert Components Inc. and Kinro Inc., posted first-quarter sales that eclipsed any quarter in the company’s history.

According to the company, revenue increased 32% to $224 million in the first quarter, ended March 31, compared with $169 million the year prior. The sales growth, boosted by recent acquisitions, was primarily the result of a 34% sales increase by Drew’s RV segment. The RV segment accounted for 87% of Drew’s consolidated net sales.

Net income during the quarter was $11.1 million, or $0.49 per diluted share, compared to net income of $9.4 million, or $0.42 per diluted share, a year ago.

“Over the past few months, retail demand in the RV industry has improved,” said Fred Zinn, Drew’s president and CEO. “Despite continued concerns about high unemployment and slower economic growth in the U.S., industry-wide retail sales of travel trailer and fifth-wheel RVs increased more than 6% for the three months ended February 2012, compared to the year-earlier period. Although the RV industry is sensitive to economic conditions, we are optimistic about the potential for long-term growth in retail demand for RVs.”

Jason Lippert, CEO of Goshen, Ind.-based Lippert Components and Kinro, added, “As we expected, the acquisitions we completed and the new products we introduced over the past two years added substantially to our sales growth in our core markets and adjacent markets in the first quarter of 2012. This sales growth, combined with significant increases in industry-wide production of both RVs and manufactured homes, was a great start for the year.”

Drew reported that sales growth continued in April 2012, reaching approximately $80 million, 34% higher than in April 2011. Excluding the impact of acquisitions, Drew’s net sales for April 2012 were up approximately 22%. Sales orders for May have remained strong.

As anticipated,  the company’s operating margin improved in the first quarter of 2012 compared to the fourth quarter of 2011, which was impacted by higher material costs, higher production costs in one product line and start-up and integration costs.

Drew will provide an online, real-time webcast and rebroadcast of its first quarter 2012 earnings conference at www.drewindustries.com today at 11 a.m. Eastern. Individual investors can also listen to the call at www.companyboardroom.com.

To view the entire report click here.

 

 

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Lippert Components Acquires RV Entry Door Firm

February 22, 2012 by · Leave a Comment 

Drew Industries Inc. announced that its subsidiary Lippert Components Inc. has acquired the business and certain assets of the United States RV entry door operation of Euramax International Inc.

According to a news release, the acquired business has annualized sales of approximately $6 million, and the purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the next three years. Drew expects the acquisition to be immediately accretive to earnings.

“This acquisition enhances our growth and profit potential,” said Fred Zinn, Drew’s president and CEO. “Our Lippert team developed its entry door in early 2009. Since then, Lippert has become the leading supplier of RV doors, adding many new features and enhancements, which we will now offer to the former Euramax customers.

“With substantial borrowing capacity, and an outstanding operating management team, we have the resources to continue to pursue expansion opportunities which we believe will yield favorable returns on our investments.”

In addition to its wide array of components for RVs and manufactured homes, Goshen, Ind.-based Lippert supplies a variety of doors for horse trailers, cargo trailers, enclosed utility vehicles and mobile office products.

“This acquisition will complement our existing door business,” said Jason Lippert, CEO of Lippert Components. “We will be able to consolidate the Euramax door production into our existing facilities, and utilize our existing production capacity and strong management team, as well as our purchasing power and effective production techniques, to improve efficiencies and reduce costs of the acquired operations.”

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Drew Ind. Reports Higher 4Q, Year-end Earnings

February 13, 2012 by · Leave a Comment 

Drew Industries Inc. today (Feb. 13) reported net income for the fourth quarter ended Dec. 31, 2011 of $4.1 million, or $0.18 per diluted share, compared to net income of $3.1 million, or $0.14 per diluted share in the fourth quarter of 2010. White Plains, N.Y.-based Drew is parent to recreational vehicle and manufactured housing suppliers Lippert Components Inc. and Kinro Inc.

Sales in the fourth quarter increased to $160 million, a 50% increase compared to the 2010 fourth quarter, as a result of a 51% rise in Drew’s RV segment sales and a 45% increase in Drew’s MH sales. Drew reported that sales in January 2012 reached approximately $65 million, 28% higher than in January 2011. Excluding the impact of sales price increases and acquisitions, net sales for January 2012 were up approximately 10%.

Sales for the full year increased 19% to $681 million compared to $573 million in 2010. Drew’s RV sales increased 20% while MH sales were up 16%. For the full year 2011, Drew’s net income increased to $30.1 million, or $1.34 per diluted share, compared to net income of $28.0 million, or $1.26 per diluted share in 2010. The company said that net income in 2011 was impacted by higher raw material costs, higher production costs in one product line and start-up costs, which reduced earnings by an aggregate of approximately $0.32 per diluted share.

“In 2011, we invested more than $50 million in acquisitions, expanding our product lines and capabilities, both in our core markets and related markets,” said Fred Zinn, Drew’s president and CEO. “These acquired businesses had annualized revenues of approximately $90 million, of which $40 million was included in our consolidated net sales for 2011. We also started production in our new aluminum extrusion facility, and made additional investments in new capacity, product development, including our new RV awning product line, slideout boot and others, and enhanced marketing efforts. As a result, we expect sales growth in our core markets, adjacent markets, the aftermarket for replacement products and in products for motorhomes, as our investments continue to yield results.”

Zinn added, “We recognize that our responsibility to stockholders is to turn opportunities and investments into solid profit growth, and we are focused on achieving that profit growth in 2012 and beyond. During the past year, we built the foundation for profit improvement. With our strong, debt-free balance sheet, we have the resources to continue to invest in opportunities which are expected to yield favorable long-term bottom-line returns.”

Jason Lippert, CEO of Lippert Components and Kinro, noted, “By expanding our production capacity and gaining footholds in new markets, we have opened doors to further opportunities in the years ahead. In 2012, we expect the investments we made in 2011 and 2010 to positively impact our bottom-line results. Returns on investments like these are not realized over night, but in recent months we have begun to achieve improved results on these investments, through accelerating customer acceptance of our new products, increased production efficiencies, and cost reductions.”

The company noted that production levels at Drew’s new aluminum extrusion facility have significantly increased in recent weeks. “Our first aluminum extrusion press is now running 24/7,” said Scott Mereness, president of Lippert Components and Kinro. “We expect the second and third presses to be in production within a few months.”

“We are also pleased with the improvement in the RV industry in 2011,” said Lippert. “Despite high unemployment in the U.S., industrywide retail sales of travel trailer and fifth-wheel RVs increased an estimated 5% in 2011. In the fourth quarter of 2011, despite a modest softening of retail demand, RV dealers expressed their confidence by boosting purchases. Industry reports indicate that these increases in dealer purchases were due to both anticipation of improved retail demand in the upcoming spring selling season, and new financing programs for dealers, designed in part to level seasonal production. While RV dealer purchases and inventory levels may continue to fluctuate, we are optimistic about the potential for long-term improvement in retail demand for RVs.”

To view the entire report click here.

 

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Drew Slated to Release 4Q Financials on Feb. 13

February 9, 2012 by · Leave a Comment 

Drew Industries Inc., a major supplier of components for the recreational vehicle and manufactured housing industries, will release its fourth quarter 2011 financial results before the market opens on Feb. 13.

Drew, parent to Lippert Components Inc. and Kinro Inc., also will host a conference call on Feb. 13 at 11 a.m. (Eastern) to discuss its results and other business matters.

Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. Individual investors, retail brokers and the media are invited to listen to a live webcast of the call on Drew Industries’ website at www.drewindustries.com.

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

« Previous PageNext Page »

Bottom