WHITE PLAINS, N.Y. (AP) -- Drew Industries Inc., which makes components for recreational vehicle manufacturers, reported a profit for the fourth quarter as RV demand picked up, though the company lost money for the full year.
RV makers have been slashing inventories to cope with reduced demand for the highly discretionary vehicles during the recession. But that demand has started to return again, Drew said.
"Over the past few months, it appears that dealer inventories have stopped declining, and as a result, production levels have increased," CEO Fred Zinn said in a statement.
The company said Tuesday that it earned $2.9 million, or 13 cents per share, in the three months ended Dec. 31, in contrast to a loss of $9.2 million, or 43 cents per share, a year ago.
Excluding charges related to plant closings, startups and worker relocation, the company made 20 cents per share. Sales jumped 37 percent to $104.6 million from $76.6 million a year ago.
Analysts surveyed by Thomson Reuters expected earnings of 19 cents per share on $101 million in sales, on average. Such estimates typically exclude one-time items.
For the full year, the company lost $24 million, or $1.10 per share, versus a profit of $11.7 million, or 53 cents per share, a year ago.
Sales fell 22 percent to $397.8 million from $510.5 million in 2008.
Shares of Drew Industries fell 36 cents, or 1.6 percent, to $21.54 in midday trading.