Drew Industries Q2 Earnings Rise, But Miss Street View; Sales Beat - Quick Facts

(RTTNews) - Drew Industries Inc. (DW), a maker of parts for recreational vehicles, Friday reported second-quarter earnings which rose on the back of revenue growth, helped by contributions from acquisitions and growth in the RV segment, as it benefited from industry-wide rise in shipments.

Earnings, however, missed analysts' estimates, while revenues topped them.

All of the company's segments, particularly its core travel trailer and fifth-wheel RVs division, reported higher sales.

For the 3-month period, net earnings rose to $18.6 million or $0.77 per share, from $15.9 million or $0.67 per share a year earlier.

Excluding a charge on sale of aluminum extrusion-related assets, earnings stood at $19.8 million or $0.82 per share. On average, four analysts polled by Thomson-Reuters estimated the company's earnings to be $0.85 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales rose to $321.78 million, from $287.19 million last year, above the $318.4 million Wall Street expected.

"Towable RVs, and in particular lower-priced entry-level units, led the recovery in RV production so far," says Jason Lippert, CEO of Drew Industries.