On Feb. 15, Drew Industries (NYSE:DW) released FY 2005 earnings for the period ending Dec. 31.
- Drew grew its top line by 26%, but increasing raw material costs kept a lid on margin expansion.
- Approximately 25% of the sales growth is related to FEMA purchases of emergency shelters for hurricane relief.
- Operating cash flow grew 261%, thanks to higher net income and good use of working capital.
(Figures in thousands, except per-share data)
Income Statement Highlights
|
Avg. Est. |
2005 |
2004 |
% Change | |
|---|---|---|---|---|
|
Sales |
$657,080 |
$669,147 |
$530,870 |
+26% |
|
Net Profit |
-- |
$33,602 |
$25,108 |
+33.8% |
|
EPS |
$1.49 |
$1.56 |
$1.18 |
+32.2% |
Get back to basics with a look at the income statement.
Margin Checkup
|
2005 |
2004 |
Change | |
|---|---|---|---|
|
Gross Margin |
22.44% |
21.92% |
+0.52% |
|
Op. Margin |
8.63% |
8.29% |
+0.34% |
|
Net Margin |
5.02% |
4.73% |
+0.29% |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
2005 |
2004 |
% Change |
|---|---|---|---|
|
Cash+ ST Invest. |
$5,085 |
$2,424 |
+109.8% |
|
Inventory |
$100,617 |
$72,332 |
+39.1% |
|
Accounts Rec. |
$33,583 |
$26,099 |
+28.7% |
|
Liabilities |
2005 |
2004 |
% Change |
|---|---|---|---|
|
Long-Term Debt |
$62,093 |
$59,303 |
+4.7% |
|
Accounts Pay. |
$63,811 |
$42,082 |
+51.6% |
Inventories at work.
Cash Flow Highlights|
2005 |
2004 |
% Change | |
|---|---|---|---|
|
Cash From Ops |
$32,102 |
$8,880 |
+261.5% |
|
Capital Expend. |
$26,092 |
$27,058 |
-3.6% |
|
Free Cash Flow |
$6,010 |
$(18,178) |
N/A |
Find out why Fools always follow the money.
Related Companies:
- Coachmen Industries (NYSE:COA)
- Fleetwood Enterprises (NYSE:FLE)
- Thor Industries (NYSE:THO)
Related Foolishness:
- Winnebago Is Feeling the Love
- Smooth Sailing at Palm Harbor
- Lousy Offices, Great Investments
- Foolish Fundamentals: Cash Conversion Cycle
Drew Industries is a Motley Fool Hidden Gems selection.
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
At the time of publication, Fool analyst Andy Cross did not own shares in any company mentioned. Fool rules are here.
