Fleetwood: Not A Happy Camper Company
Take a quick glance at the financials of Fleetwood Enterprises Inc. (FLE), and it looks like the nation's largest maker of recreational vehicles and second-largest builder of trailer-park housing has been driving full speed in the wrong direction. Despite a booming economy and an aging populace, Fleetwood recently reported its first quarterly loss in 20 years, a negative $31 million versus a $26 million profit in the year-earlier quarter. Fleetwood's stock now trades at just $12 a share, a quarter of the price it fetched two years ago. And more bad news may be on the way. Merrill Lynch & Co. analyst Robert P. Curran expects the company's earnings to plummet from $83 million in 1999 to $6.5 million this year, on sales of around $3 billion.
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