Elkhart-based Drew Industries Inc. (NYSE: DW) is reporting first quarter net income of $36 million, up from $20 million during the same period the previous year. Chief Executive Officer Jason Lippert said the results can be attributed to the completion of 10 acquisitions since 2014 and structural work inside the company.
"Our net sales in the 2016 first quarter increased at a double digit year-over-year rate of 17 percent and by over $60 million over the first quarter of 2015," said Lippert. "This growth reflects the current strength of our industry, as well as the continued execution of our plan to drive growth in our primary areas of focus. This includes growth from acquisitions, focusing on the needs of the aftermarket customer, new markets for core products and organic growth from innovative new products, enhancements to existing products and market share gains."
Chief Financial Officer David Smith said the company completed three acquisitions in 2016, which has added $57 million in expected annual sales. The company acquired Elkhart-based Highwater Marine Furniture, Goshen-based Flair Interiors, and Italian manufacturer Project 2000 S.r.l.