Drew Industries Q1 Profit Surges, Tops Estimates - Quick Facts

(RTTNews) - Drew Industries Inc. (DW) Thursday reported first-quarter net income of $16.16 million or $0.67 per share, significantly up from $8.37 million or $0.36 per share in the prior year.

Excluding charge, earnings for the prior-year quarter were $0.39 per share.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.58 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 13% to $285.38 million from $252.59 million a year ago.

According to the company, the sales growth was mainly due to a 16% sales increase by Drew's RV segment, which accounted for 91% of consolidated net sales this quarter.

"During the first quarter we completed two acquisitions at a combined purchase price of $49 million, which together had annual sales of approximately $29 million in 2013, of which $13 million were to Drew, and represent significant profit potential," said Jason Lippert, Drew's Chief Executive Officer.