Drew Industries Down 9.3% On Earnings Miss (DW)
Shares of Drew Industries Incorporated (NYSE: DW) are trading down 9.3% at $19.10 per share during the Monday afternoon trading session. The day's trading range for shares of Drew Industries Incorporated has been between $19.05 and $20.57 per share. Analysts covering the company's stock give it a consensus price target of $26.33 per share.
Volume of 156,000 shares is well above the daily average volume of 108,000 shares.
Drew Industries Incorporated (DW) announced on Monday morning that it missed consensus Wall Street expectations. Drew Industries Incorporated announced 3rd quarter adjusted earnings per share of 33 cents, on revenue of $146.83 million.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 35 cents per share, on revenue of $147.39 million.
President and CEO Fred Zinn said, "As in the second quarter of 2010, operating results this quarter were impacted by fluctuations in raw material costs. Raw material costs as a percent of sales were low in the third quarter of 2009, and remained low in the 2009 fourth quarter, affecting comparisons of third, and likely, fourth quarter 2010 operating results to year-earlier periods. Volatility in raw material costs has become the norm, and we've learned to respond effectively. Further, over the years our operating management has been highly successful at improving operating efficiencies in all facets of our business, and we expect to continue to make progress in this area."
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