Fleetwood posts expanded loss
Fleetwood Enterprises Inc. reported a fiscal first-quarter loss that was wider than analysts expected as sales of its recreational vehicles dropped by more than half amid near-record fuel prices.
The loss of $29.1 million, or 42 cents a share, compares with a loss of $2.35 million, or 4 cents, a year earlier, the Riverside-based company said.
“Business conditions are expected to remain challenging at least through our third fiscal quarter, resulting in losses and negative operating cash flows,” Chief Executive Elden Smith said.
Sales in the three months that ended July 27 fell 41% to $289.9 million. They fell 37% in the travel-trailer division and were down 15% in the manufactured-housing business.
Fleetwood said it had a loss from continuing operations of $27.8 million, or 41 cents a share.
The company was expected to lose 14 cents a share, based on the average estimate of analysts in a Bloomberg survey.
Fleetwood shares fell 1 cent to $2.14.
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