RIVERSIDE, Calif. - Fleetwood Enterprises Inc., one of the nation's leading manufacturers of recreational vehicles with two plants in Pendleton and one in La Grande, announced net income of $6.7 million on sales of $727.8 million during the first quarter of 2005, which ended July 25.
Net income was up more than 3 1/2 times from $1.9 million during the same quarter last year. Company revenues were up 12.6 percent from $646.1 million the year before.
"The momentum in product innovation and manufacturing efficiencies that Fleetwood has been building continues to be apparent in our results," said Edward B. Caudill, president and chief executive officer. "Our motor home division is performing particularly well and, while it contributed much of the operating profit, both divisions of our Housing Group also showed substantial improvement."
The RV Group earned $15.6 million in operating income, down slightly from $15.7 million last year.
The motor home division's operating income improved by $4.8 million to $16.9 million, but was offset by lower operating income in travel trailers and a loss in folding trailers. Recreational vehicle sales in the first quarter rose 11 percent to $485.7 million from $436.5 million in the prior year.
Sales of motor homes improved by 24 percent to $317.9 million from $257.3 million last year because of higher volumes and a shift to a heavier mix of high-end products, the company reported.
Travel trailer sales decreased 7 percent and folding trailer sales decreased 5 percent because of a decrease in unit sales.
The travel trailer division earned operating income of $400,000 on revenues of $146.4 million, and folding trailers lost $1.7 million on $21.4 million in sales.