Fleetwood Posts Loss on Slumping Demand

Fleetwood Enterprises Inc. had a fiscal fourth-quarter loss and said it eliminated about 7,000 jobs, or a third of its work force, during the year as demand for motor homes and manufactured housing slumped.

Fleetwood’s loss from operations for the quarter ended April 29 was $37.6 million, or $1.15 a share. In the year-earlier period, net income was $11.4 million, or 37 cents. Fleetwood in the most recent quarter was expected to lose 64 cents.

Fourth-quarter sales fell 40% to $547 million from $905 million a year earlier. During the fiscal year, the Riverside-based company shut two motor-home plants and 10 manufactured-housing factories, and closed or sold 73 retail centers because of lower demand.

Fleetwood shares fell 61 cents to close at $12.36 on the New York Stock Exchange.