dropped 2% Friday after the recreational vehicle maker suffered another setback in court.
The company said the judge in its case with Coleman awarded treble damages to Coleman, putting the size of the award at $14.6 million plus lawyer fees and court costs. Fleetwood said it still expects to turn a fourth-quarter profit, but a steep third-quarter loss will make it "less likely" that the company will turn a profit for the year.
Fleetwood said it would appeal and indicated it believes it has sufficient liquidity to meet "foreseeable cash-flow requirements."
Friday's decision comes less than a week after Fleetwood issued a third-quarter warning, citing a slowdown in RV sales. The company said Tuesday that its third quarter would show a significantly wider loss than a year ago. Previously, the company had expected to narrow the year-ago loss.
Wall Street analysts expect the Riverside, Calif., company to lose 40 cents a share for the third quarter and to make 3 cents a share for the year.
On Friday, Fleetwood slipped 23 cents to $9.22.