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Drew Industries profit falls, but beats analysts' estimates

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May 5, 2008

WHITE PLAINS, N.Y.—Drew Industries Inc. said Monday its first-quarter profit dipped 5 percent on a decline in recreational vehicle industry production, but results managed to top analysts' estimates.

The supplier of parts for recreational vehicles and prefabricated homes reported earnings fell to $9.1 million, or 41 cents per share, compared with $9.6 million, or 44 cents per share, a year earlier.

Analysts expected net income of 39 cents per share, according to a Thomson Financial survey.

Revenue for the period ended March 31 dropped 8 percent to $159.1 million from $172.9 million on an 8 percent decline in RV industry production.

Industry production of manufactured homes dipped 3 percent from the prior year.

Revenue missed Wall Street's estimate of $164 million.

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