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Stock Market & Financial Investment News

News Breaks
August 1, 2014
07:38 EDTDWDrew Industries reports Q2 adjusted EPS 82c, consensus 85c
Reports Q2 revenue $321.78M, one estimate $318.4M; sales growth was primarily the result of a 15 percent sales increase by Drew's RV Segment, which accounted for 90 percent of consolidated net sales this quarter. RV Segment sales growth was primarily due to a 7 percent and 11 percent increase in industry-wide wholesale shipments of travel trailer and fifth-wheel RVs and motorhome RVs, respectively.
News For DW From The Last 14 Days
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January 27, 2016
07:34 EDTDWDrew Industries acquires Highwater Marine furniture division for $10M
Drew Industries' wholly-owned subsidiary, Lippert Components, has acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, a manufacturer of pontoon and other recreational boats located in Elkhart, Indiana. The boat brands comprising Highwater's businesses were recently acquired by Elkhart-based Bennington, the largest manufacturer of pontoon boats in the U.S., through its acquisition of Nautic Global Group. Revenue of the marine furniture business acquired from Highwater Marine for the twelve months ended December 2015 was estimated to be $20M. The purchase price was $10.0M, paid at closing from borrowings under the company's $100 million line of credit. Additionally, the parties also entered into a five year supply agreement as part of the transaction. The company estimates that the market size for pontoon boat furniture is approximately $125M, and expects the acquisition to be immediately accretive to Drew's earnings.

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