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Stock Market & Financial Investment News

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February 12, 2013
16:17 EDTDWDrew Industries to relocate headquarters, take $3.3M charge
Drew announced the relocation of its corporate headquarters from White Plains, New York to Elkhart County, Indiana, the location of the corporate headquarters of Lippert Components and Kinro, and where more than 80% of all RVs produced in the U.S. are manufactured. Consolidating Drew's corporate functions with its Indiana-based manufacturing operations will be both cost-effective and result in an even greater exchange of ideas and expertise between Drew's management team and executives across the RV and manufactured housing industries, the company said. As a result of Drew's leadership transition and corporate relocation, the company will record a pre-tax charge of approximately $3.3M, including $1.5M in Q4 of 2012, and the balance in the first and second quarters of 2013, related to contractual obligations for severance and the acceleration of equity awards. Upon completion of the transition, the company will save an estimated $2M annually in general and administrative costs.
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March 30, 2015
14:51 EDTDWDrew Industries management to meet with Sidoti
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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%.

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