Drew Industries Earnings And Revenue Soar (DW)

Recreational vehicle and manufactured home supplier Drew Industries Incorporated DW released financial results on Monday morning that easily beat Wall Street estimates. Drew Industries Incorporated (DW) announced that its 2nd quarter net income jumped to $9.6 million, or 43 cents per share, up from $2.6 million, or 12 cents per share, a year earlier. Revenue surged 73% to $173.5 million, up from $100.5 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 35 cents per share, on revenue of $154.1 million. "We are very pleased with our results for the quarter," said President and CEO Fred Zinn. "Not only has the RV industry improved significantly from the depressed levels of 2008 and early 2009, but Drew has continued to gain market share. Drew's sales remained strong in July 2010, reaching approximately $47 million, or 23 percent above last July. Compared to the second quarter, sales in July typically decline temporarily due to the annual one-week plant closures around July 4th by many RV manufacturers. Although the extent and longevity of the economic recovery remain uncertain, we are delighted with the strength of Drew's operations, and that the improvement in the RV industry, which began last summer, has been more robust than expected." Drew Industries ended the previous trading day at $21.13 per share. The consensus price target of analysts covering the company's stock is $26.33 per share. Read more from Benzinga's Company news.