Fleetwood Enterprises jumps as Q2 loss narrows
Shares of Fleetwood Enterprises, Inc. (Nasdaq: FLE) are accelerating on news before the start of trading that the maker of recreational vehicles and manufactured housing narrowed its loss in the second quarter of fiscal 2008.
The Riverside, Calif.-based company reported that its net loss of the three months ended Oct. 28 was $1.2 million, or $0.02 per share, compared with a net loss of $20.4 million, or $0.32 per share, in the second quarter of fiscal 2007. Five analysts polled by Thomson Financial were projecting a net loss of $0.06 per share.
Revenues for the quarter fell 7% to $490.1 million, from $526.6 million a year earlier.
“Our much-improved operating results despite lower revenues are encouraging,” said president and CEO Elden Smith in a statement. “Our cost-cutting and capacity-consolidation initiatives are taking hold, allowing us to make further progress.”
Fleetwood Enterprises, which has a total of 24 manufacturing facilities, also announced that it consolidated its plants in Washington and Oregon and intends to relocate a plant in Gallatin, Tenn. to Lafayette, Tenn. during the third quarter in order to lower costs and boost efficiency.
At 1:33 p.m. ET, shares of Fleetwood Enterprises (FLE) had advanced $1.51, or 31%, to $6.33. The 52-week high of $11.41 was reached on July 13, while the 52-week low of $4.45 was set on Dec. 4.
