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Fleetwood Says Lower Sales Will Bring Loss

November 02, 2000|Reuters

Fleetwood Enterprises Inc., the top U.S. maker of recreational vehicles and the No. 2 producer of manufactured housing, said it expects to report a loss for the fiscal second quarter because of lower sales in both of its businesses and costs related to previously announced plant closings and restructuring efforts. Riverside-based Fleetwood reported that preliminary revenue for the quarter, ended Oct. 29, tumbled 27% to $741 million from a record $1.01 billion a year ago. The company said it expects to report final second-quarter results in about four weeks. On Aug. 30, Fleetwood forecast a drop in second-quarter earnings from 84 cents per share a year earlier. Analysts' consensus estimate for Fleetwood's second quarter is a loss of 1 cent a share. Analysts say Fleetwood has been hurt by a saturation of the RV and manufactured home markets rather than a slowdown in demand. Shares rose 6 cents to close at $13.25 on the New York Stock Exchange.

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