Fleetwood Enterprises Reports Wider Loss
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Fleetwood Enterprises Inc. reported a wider-than-expected loss as sales of recreational vehicles and manufactured housing fell. The company said it no longer expected to be profitable in its fiscal fourth quarter.
Fleetwood said sales dropped as dealers kept inventories low. Legal fees involving its battle with Coleman Co. also hurt results.
The net loss widened to $54.7 million, or 99 cents a share, in its fiscal third quarter ended Jan. 23, from a loss of $10.2 million, or 26 cents a share, a year earlier. Sales fell 6% in the quarter to $564.9 million.
Fleetwood shares fell $1.16 to $8.75 on the NYSE.
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