New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 12, 2013
16:16 EDTDWDrew Industries CEO Zinn to retire May 10, Lippert to succeed
Drew Industries announced today that Fred Zinn, President and Chief Executive Officer, will retire effective May 10. Jason Lippert, Chairman and Chief Executive Officer of Lippert Components and Kinro, subsidiaries of Drew, has been named to succeed Zinn as CEO of Drew. This transition is the result of a succession process initiated by the board in 2011. Scott Mereness has been appointed President and Chief Operating Officer of Drew effective May 10. Mereness will continue to serve as President of Lippert and Kinro, as he has since 2010.
News For DW From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
March 26, 2015
12:04 EDTDWWinnebago sinks after Q2 results trail estimates
Shares of recreational vehicle manufacturer Winnebago Industries (WGO) are sinking after the company’s second quarter results trailed analysts’ consensus estimates. WHAT'S NEW: This morning, Winnebago reported Q2 earnings per share of 30c on revenue of $234.5M, trailing analysts' consensus estimates of 38c and $253.26M, respectively. Compared to the same period last year, the company said motorhome revenue increased 2.4% in the second quarter, which was mainly a result of motorhome unit shipment growth of 2.4%. Towables operating income improved $302,000 due primarily to revenue growth of 11.8%, comprised of a 7.7% increase in ASP and 5.2% growth in unit shipments. Gross profit as a percentage of sales improved 30 basis points in Q2 year over year. WHAT'S NOTABLE: In explaining the weak results, the company noted that operating expenses increased in Q2 compared to last year. This was mainly due to $1.5M of incremental general and administrative expenses associated with two strategic initiatives that commenced during the quarter related to ERP implementation and strategic sourcing, as well as increased legal and equipment maintenance costs. Sarah Nielsen, the company's Chief Financial Officer, noted that operating cash flow for Q2 was affected by an increase in receivables of approximately $13M due to timing of invoicing in the quarter. She said the company ended the quarter with elevated inventory levels, in part due to the rental build season. In the second half of the year, the company expects to generate positive cash flow through the continued strength of its operating results, as well as favorable changes in working capital. PRICE ACTION: In early afternoon trading, Winnebago fell $3.42, or about 14.4%, to $20.37 on more than five times its average daily trading volume. Including today's pull back, the shares have lost approximately 23% over the past 12 months. OTHERS TO WATCH: Others in the recreational vehicle space include Thor Industries (THO), down 1.5%, Drew Industries (DW), down 0.9%, and Patrick Industries (PATK), up 0.15%.
March 16, 2015
18:15 EDTDWDrew Industries declares special cash dividend of $2.00 per share
Drew Industries announced that its Board of Directors has approved a special cash dividend of $2.00 per share of common stock. The dividend is payable on April 10 to stockholders of record at the close of business on March 27.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use