Drew Industries Shares Climb 4% On Earnings News (DW)

Shares of Drew Industries Incorporated DW are currently up more than 4% at $22.01 per share during Monday afternoon trading. Today's trading range for shares of Drew Industries Incorporated has been between $21.75 and $22.39 per share. The consensus price target of analysts covering the company's stock is $26.33 per share. Volume of 215,000 shares is well above the daily average volume of 174,000 shares. Drew Industries Incorporated (DW) released financial results on Monday morning that far exceeded Wall Street estimates. The recreational vehicle and manufactured home supplier reported 2nd quarter earnings of 43 cents per share, on revenue of $173.5 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 35 cents per share, on revenue of $154.1 million. President and chief executive officer Fred Zinn said, "We are very pleased with our results for the quarter. 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." Read more from Benzinga's Company news.