CHICAGO Drew Industries
Inc.s earnings surged in 2012 as the company posted
record sales thanks to a strong showing in the recreational
vehicle (RV) sector and expansions into new markets.
"Our solid sales gains, along
with favorable RV-industry fundamentals, are encouraging," Drew
president and chief executive officer Fred Zinn said in a
statement released with its 2012 earnings Feb. 20.
The White Plains, N.Y.-based
supplier of components for the RV and manufactured homes market
posted net income of $37.3 million last year, up 24.2 percent
from $30.1 million in 2011 on sales that surged 32.3 percent to
$901.1 million. Fourth-quarter net income of $4.7 million was
16.1 percent higher than $4.1 million in the same period a year
earlier on a 25.5-percent jump in sales to $200.2 million.
The record full-year sales came
in part thanks to acquisitions that added $60 million to net
sales as well as growth in new markets, the company said.
Also bolstering results was a
strong showing from Drews RV segment, which benefited
from a 21-percent gain in industrywide wholesale shipments of
travel trailers and fifth-wheel RVs, Drews primary RV
markets. Sales of new RV products and motorhome components also
were up, the company said.
Drew said its content per travel
trailer and fifth-wheel RV increased to $2,713 per vehicle in
2012, up 15.5 percent from $2,348 in 2011, and its content per
motorhome RV jumped 67.9 percent to $1,071 from $638 in the
same comparison, but its content per manufactured home declined
1.9 percent to $1,465 from $1,493.
Results were dented by a
fourth-quarter after-tax charge of $900,000 related to a
management change. Zinn plans to retire in May, with Jason
Lippert, chairman and chief executive officer of subsidiaries
Lippert Components Inc. and Kinro, set to succeed him (
amm.com, Feb. 13).