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Last $58.33 USD
Change Today -0.10 / -0.17%
Volume 72.6K
DW On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

3501 County Road 6 East

Elkhart, IN 46514

United States

Phone: 574-535-1125

Fax:

Drew Industries Incorporated, through its subsidiary, Lippert Components, Inc. and its subsidiaries, supplies a range of components for the primary manufacturers of recreational vehicles (RVs) and manufactured homes. Segments The company has two segments, RV Products and Manufactured Housing Products. RV Products This segment manufactures and markets various products used primarily in the production of RVs, including steel chassis for towable RVs; axles and suspension solutions for towable RVs; slide-out mechanisms and solutions; thermoformed bath, kitchen and other products; windows; manual, electric and hydraulic stabilizer and leveling systems; chassis components; furniture and mattresses; entry, luggage, patio and ramp doors; electric and manual entry steps; awnings and slide toppers; and other accessories and electronic components. The company also supplies certain of these products to the RV aftermarket, and to adjacent industries, including manufacturers of buses and trailers used to haul boats, livestock, equipment and other cargo. This segment’s products are sold primarily to major manufacturers of RVs, such as Thor Industries, Inc.; Forest River, Inc. (a subsidiary of Berkshire Hathaway Inc.); Jayco (a private company); and other original equipment manufacturers (OEMs), as well as to a lesser extent, to manufacturers in adjacent industries and distributors and retail dealers of aftermarket products. Manufactured Housing Products This segment manufactures and markets various products used in the production of manufactured homes, including vinyl and aluminum windows; thermoformed bath and kitchen products; steel and fiberglass entry doors; aluminum and vinyl patio doors; steel chassis; steel chassis parts; and axles. The company also supplies certain of these products to the manufactured housing aftermarket, and to adjacent industries, including modular housing and mobile office units. Certain of this segment’s customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the company are suitable for both types of homes. The company's manufactured housing products are sold primarily to major producers of manufactured homes, such as Clayton Homes, Inc. (a subsidiary of Berkshire Hathaway Inc.); Cavco Industries, Inc.; and other OEMs, as well as to a lesser extent, to manufacturers in adjacent industries and distributors of aftermarket products. Acquisitions In February 2014, the company acquired Innovative Design Solutions, Inc., a designer, developer, and manufacturer of electronic systems, including various RV applications. In March 2014, the company acquired the business and certain assets of Star Design, LLC, which offers thermoformed sheet plastic products for the RV, bus, and specialty vehicle industries. In June 2014, the company acquired the RV business of Actuant Corporation, which manufactures leveling systems, slideout mechanisms and steps, primarily for motorhome RVs, under the Power Gear and Kwikee brands. In August 2014, the company acquired the business and certain assets of Duncan Systems, Inc., an aftermarket distributor of replacement motorhome windshields, awnings, and RV, heavy truck and specialty vehicle glass and windows, primarily to fulfill insurance claims. In January 2015, the company acquired the business and certain assets of EA Technologies, LLC, an Elkhart, Indiana-based manufacturer of custom steel and aluminum parts, and provider of electro-deposition and powder coating services for RV, bus, medium-duty truck, automotive, recreational marine, specialty and utility trailer, and military applications. Seasonality The RV and manufactured housing industries, as well as other industries where the company sells products or where its products are used, historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, the company’s sales and profits have generally been the highest in the second quarter (year ended December 2014) and lowest in the fourth quarter. Regulatory Matters Windows and entry doors produced by the company for manufactu

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Industry Analysis

DW

Industry Average

Valuation DW Industry Range
Price/Earnings 21.5x
Price/Sales 1.1x
Price/Book 3.8x
Price/Cash Flow 21.3x
TEV/Sales 1.0x
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