On Thursday, Dec. 7, RV and manufactured-home producer Fleetwood Enterprises
- Sales fell 16.4%. Reasons cited were slowness in motor and manufactured home sales and a tough comparison, as last year's quarter included approximately $60 million in Gulf Coast hurricane relief rebuilding efforts.
- Diluted earnings loss was $0.32 per diluted share, which included some severance and discontinued operations charges.
- Management expects third-quarter results to be weaker than the just-completed second quarter.
(Figures in thousands, except per-share data)
Income Statement Highlights
Avg. Est. |
Q2 2007 |
Q2 2006 |
Change |
|
---|---|---|---|---|
Sales |
$465,720 |
$526,573 |
$629,501 |
(16.4%) |
Net Profit |
-- |
($20,427) |
($1,918) |
N/A |
EPS |
($0.26) |
($0.32) |
($0.03) |
N/A |
Diluted Shares |
-- |
63,919 |
57,209 |
11.7% |
Get back to basics with a look at the income statement.
Margin Checkup
Q2 2007 |
Q2 2006 |
Change* |
|
---|---|---|---|
Gross Margin |
13.96% |
17.79% |
(3.83) |
Operating Margin |
(3.80%) |
0.64% |
(4.44) |
Net Margin |
(3.88%) |
(0.30%) |
(3.58) |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
Assets |
Q2 2007 |
Q2 2006 |
Change |
---|---|---|---|
Cash + ST Invest. |
$78,677 |
$108,945 |
(27.8%) |
Accounts Rec. |
$136,306 |
$181,690 |
(25%) |
Inventory |
$197,382 |
$211,604 |
(6.7%) |
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
---|---|---|---|
Accounts Payable |
$59,411 |
$83,232 |
(28.6%) |
Long-Term Debt |
$264,502 |
$336,649 |
(16.1%) |
Learn the ways of the balance sheet.
Cash Flow Highlights
Fools will have to wait until Fleetwood files its 10-Q for juicy cash flow details.
Find out why Fools always follow the money.
Comparable companies:
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Champion Enterprises
(NYSE:CHB) -
Winnebago
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Monaco
Coach
(NYSE:MNC) -
Thor Industries
(NYSE:THO)
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Fool contributor Ryan Fuhrmann has no financial interest in any company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.