Fleetwood Says Loss Narrowed on Sales Gain
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Fleetwood Enterprises Inc., the largest U.S. maker of recreational vehicles, said its fiscal third-quarter loss narrowed as sales rose. The company doesn’t expect a profit this quarter.
The loss in the quarter ended Jan. 27 narrowed to $17.3 million from $205 million, or $6.26 a share, in the year-earlier period, including one-time charges. The maker of Pace Arrow motor homes and Coleman folding trailers said the exchange of convertible bonds in the last quarter put earnings at 31 cents a share.
Sales rose 1.5% to $522.4 million. The company replaced its chairman and its chief executive this month after seven quarters of losses, while rivals Thor Industries Inc. and Winnebago Industries Inc. said sales and orders rose.
Fleetwood shares fell 37 cents to $9.98 on the NYSE. The stock has declined 17% in the last 12 months.
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