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Fleetwood Posts Narrower Quarterly Loss

Fleetwood Enterprises reported a quarterly loss on Thursday as falling demand housing business, but the loss was narrower than a year ago and topped Wall Street expectations.

In a regulatory filing, Fleetwood said it lost $1.2 million, or 2 cents a share, in the fiscal second quarter ended Oct. 28, compared with a loss of $20.4 million, or 32 cents a share, a year earlier.

The average Wall Street forecast was a loss of 6 cents a share, according to Reuters Estimates.

Fleetwood said cost cutting and capacity reduction helped narrow losses.

Net sales fell 7 percent to $490.1 million, below the average Wall Street forecast of $516.1 million.

Sales in the company's RV group fell 9 percent, while revenue rose 2 percent in its manufactured housing group.