Fleetwood loss narrows on cuts
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Fleetwood Enterprises Inc. reported a narrower-than-expected quarterly loss thanks to cost cutting and capacity reduction.
The Riverside-based company also said it expected a “meaningfully” smaller loss in the current quarter compared with a year earlier, partly because of aggressive cost cuts.
Fleetwood said it lost $1.2 million, or 2 cents a share, in the fiscal second quarter that ended Oct. 28, compared with a loss of $20.4 million, or 32 cents, a year earlier.
The average Wall Street forecast was a loss of 6 cents a share, according to Reuters Estimates.
Sales fell 7% to $490.1 million, below the average Wall Street forecast of $516.1 million.
Sales in the company’s RV group fell 9%, while revenue rose 2% in its manufactured housing group, in part reflecting demand for military barracks.
The company said the current quarter was typically slow, with dealers and customers showing caution.
Fleetwood shares rose $1.41, or 29%, to $6.23.
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