This week, the RV industry is having its annual trade show. By all accounts, the industry looks healthy, with attractive interest rates and positive demographics. Even higher oil prices have not been enough to dent growth. It's been good news for RV companies like Coachmen Industries (NYSE:COA), Monaco Coach (NYSE:MNC), Thor Industries (NYSE:THO), and Winnebago Industries (NYSE:WGO).

But there was not-so-good news for investors in Fleetwood Enterprises (NYSE:FLE), a major RV company. On news of its earnings release yesterday, the stock fell 6.5% to $12.95.

The company's earnings, for the third quarter, increased from $3.8 million last year to $8.1 million. The EPS of $0.14 per share was below the more optimistic analysts' projections of $0.15 to $0.17 per share.

Revenue during the period increased from $674.7 million to $712.3 million.

Fleetwood showed strong results for its Housing Group (which focuses on manufactured housing). Actually, a boost came from emergency spending as a result of the Florida hurricanes.

The RV Group was strong, too. But, there was a drag from the towable division. The company had difficulties with maintaining costs.

According to a recent article from Fool contributor Phil Wohl, Fleetwood is pursuing a vertical integration strategy, a "one-stop home shopping setup [that] includes RVs, manufactured HUD-code homes, fiberglass and lumber products, and its finance/insurance arm."

For the most part, the recent problems appear to be short-term for Fleetwood. If demographics are powering sales, long-term investors are likely to find this stock attractive.

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Fool contributor Tom Taulli does not own shares mentioned in this article.