Monaco Coach Corporation has reported first quarter earnings per share of $US0.40, on record quarterly revenue of $355.0 million. Net income for the first quarter was $11.9 million. Operating income for the first quarter was $19.7 million.
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First quarter motorhome sales totalled 2,142 units and first quarter towable recreational vehicles totalled 994 units.
“We’re pleased to announce record quarterly revenue and unit sales,” said chairman and chief executive officer Kay Toolson. “Retail demand for recreational vehicles remains strong.”
Chief financial officer Marty Daley added, “Margins were impacted as a result of higher commodity prices and a production mix shift toward lower-margin products. However, we benefited from greater labour efficiencies, reduced warranty and legal settlement expenses, and lower indirect manufacturing costs.
“We expect demand to drive second quarter revenues to approximately $360-$370 million. This sales level, combined with the shift in production mix, should allow for second quarter gross margins between 12.45% and 12.65%, with sales, general, and administrative expenses expected in the 7.2% to 7.4% range.”
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