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Is an Economic Crisis Looming for Seniors? Manufactured Housing Industry Impact?

September 11th, 2017 Comments off
PensionCrisisCreditTheDailyEconomistDailyBusinessNews

Featured image credit, The Daily Economist.

Retirees and those 50 or over make up about half of all manufactured home (MH) buyers, per sources such as Foremost Insurance’s MH industry research.

So the security – or lack thereof – of pension funds could prove important – perhaps even critical – for the industry in markets where pension funds are at risk.

It is one of several problems the new Trump Administration will have to take on, after decades of Democratic and GOP failures to successfully address the issue.

How bad is the problem?

U.S. public pensions lack $3.85 trillion needed to pay the retirement benefits of current and retired workers, per research shared with Financial Times.

SenatorOrrinHatchCreditSenatorOrrinHatchDailyBusinessNews

Senator Orrin Hatch. Image credit, Senator Orrin Hatch.

This [research] further underscores the financial risks of the nation’s public pension crisis and the need to act on smart policies that will help secure retirement programmes for Americans that work for state and local governments,” a spokesperson for Orrin Hatch, chairman of the US Senate finance committee, said.

Not One Fund Balanced?

According to Stanford research, out of 649 pension plans reviewed between July 2014 and June 2015, not a single U.S. city or state was running a budget that was balanced to fund existing pensions.

Joshua Rauh, the author of the study, says that the situation is more difficult for cities such as Chicago, which has unfunded pension liabilities that come out to the equivalent of 19 years-worth of the cities tax revenue.

Greater Chicago, as many land-lease community professionals know, is home to several sizable operations, as well as dozens of “mom and pop” operations.

Other cities facing similar situations include Forth Worth, New Orleans, Philadelphia, and Dallas. States like Illinois, New Jersey and Kentucky also ranked poorly in the Stanford study.  Most of these locations have a significant manufactured home community presence, some are in areas where retailer operations are important to independents and the industry.

Zero Hedge recently reported that many Kentucky residents have been retiring early in order to lock-in their pensions as legislature and Governor Matt Bevin discuss making cuts to retirement plans.

DavidSmithCreditKASEKYDailyBusinessNews

David Smith, executive director for the Kentucky Association of State Employees. Image credit, KASEKY.

There are folks that are saying you know what, I don’t care, I’m going to lock in my retirement now and get out while I can and fight it as a retiree if they go and change the retiree benefits,” said David Smith, executive director for the Kentucky Association of State Employees, per the Financial Times.

Pensions, for most government workers whether local, state or federal, are expected to support an individual through retirement.

With around half of manufactured home owners and buyers reportedly at 50 plus – retirees, and nearing retirement – this pension crisis is nothing to ignore for the industry’s professionals.

While it could prove a threat for some professionals current business model, it also could be an

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L. A. “Tony’ Kovach., publisher, MHProNews.com MHLivingNews.com

opportunity in disguise for others who prepare for this,” says publisher and consultant, L. A. ‘Tony” Kovach. “Still, the ideal is for national leaders to come to grips with this issue. That will require enacting a robust pro-growth agenda, combined with prudent action to stabilize fundsOtherwise, there’s not enough money in the system today to fix this issue.”

A government with a serious pension funding problem is like a ship trying to sail with its anchor stuck in the mud.” said Ed Bachrach, chairman of the Centre for Pension Integrity, an organization that studies public pension plans. ## (News, analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

 

 

Drew’s Q2 – Dividends and Insider Trading

August 10th, 2016 Comments off
DrewIndustriesManufacturedHomeRVlogo-postedDailyBusinessNews-MHProNews

Credit, Drew Industries.

Elkhart, Indiana based Drew Industries (NYSE:DW), a leading supplier of RV and manufactured housing industries components, has announced their second quarter results. According to their August 9th, 2016 SEC filing by Chief Financial Office (CFO) David Smith, their Board of Directors approved a regular quarterly cash dividend of $0.30 per share of common stock, payable on September 2, 2016, to stockholders of record at the close of business on August 19, 2016.

MHProNews has also learned from CerbatGem that Drew Director David A. Reed sold 2,500 shares of the firm’s stock on Monday, August 8th. The stock was sold at an average price of $96.39, for a total value of $240,975.00.

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Leigh J. Abrams, Drew Industries.

FIDaily told the Daily Business News that Mr. Leigh J. Abrams, Director disclosed the sale of 10,000 shares of DW stock. The shares were purchased at an average price of $96.43. Abrams now owns $6,317,708 of the stock per the Form 4 SEC filing.

On August 9, Brian Michael Hall, Corporate Controller disclosed the sale of 687 shares of (DW). The shares were sold on June 8th for an average price of $80.68. The Corporate Controller now owns $161,360 of the stock, according to the SEC filing.

On August 8, Director John B. Jr Lowe disclosed the sale of 10,687 shares. The shares were purchased at an average price of $77.38. Lowe now owns $1,925,369 of the stock per the Form 4 SEC filing.

The company is worth $2.45 Billion, and is classified as low risk with multiple segments of profit generation. Zacks Investment Research stated,

MarketwatchTrackerDW8102026-postedDailyBusinessNewsMHProNews

Credit, MarketWatch.

Drew Industries Incorporated has two reportable operating segments, the manufactured housing products segment and the recreational vehicle products segment. Several of the Company’s customers produce both manufactured homes and recreational vehicles, and the Company supplies products having similar characteristics for use in both these lines of business.”

Highlights from Drew include:

  • Revenues of USD 440.83 million, Net Earnings of USD 37.57 million.
  • Gross margins widened from 22.66% to 26.52% compared to the same period last year, operating (EBITDA) margins now 16.02% from 12.15%.

The Daily Business News market tracker shows DW at $97.14 up 0.95 on Aug 10, 2016 intraday trading.  Drew is one of the manufactured home industry connected stocks reported each business day on MHProNews, with yesterday’s closing numbers linked here.

Continued growth in both the RV and manufactured housing sectors makes the outlook for suppliers like Drew bright. The Manufactured Housing Association for Regulatory Reform (MHARR) reported that new HUD Code manufactured home shipments rose 20% in June, 2016, click here for more details.

Drew’s Q2 report can be download here. ##

(Image credit, Drew Industries (DW) logo.)

FrankGriffinDailyBusinessNewDBNwriterMHProNewsManufacturedHousingIndustryNews75x75

Frank Griffin, Daily Business News, MHProNews.

Submitted by Frank Griffin to Daily Business News, MHProNews.com.

Drew Reports Net Sales 22% Above Last Year’s Comparable Quarter

August 5th, 2016 Comments off

Drew_Ind_2_logo posteedDailyBusinessNewsMHProNewsElkhart, Indiana-based Drew Industries, Inc. reported consolidated net sales for the second quarter of 2016 increased to $441 million, 22 percent higher than the same period in 2015. “Our operating profit in the second quarter of 2016 improved to more than $59 million, compared to nearly $34 million in the second quarter of 2015,” said Scott Mereness, Drew’s President.

Net income was $37.6 million, or $1.51 per diluted share, for Q2 2016, compared to net income of $20.9 million, or $0.85 per diluted share, for the second quarter ending June 30, 2015, according to prnewswire.

Drew(NYSE:DW) has modified its internal structure, with the OEM division focused on the products sold to OEMs, and the burgeoning afermarket division supplying repair and replacement products through distribution channels, a market Drew is actively pursuing. For Q2 2016 the company increased net sales to the aftermarket by over 32 percent, adding $34 million.

As of June 30, 2016, the Company had a net cash position of $29 million, an improvement of $66 million from a net debt position of $38 million at the beginning of the year, even after $15 million of dividend payments in the first half of 2016,” said David Smith, Chief Financial Officer. “This cash generation was the result of our operational performance and was strongly aided by inventory reductions of $26 million.”

As MHProNews knows, while Drew is heavy into recreational vehicle products, it also is a component supplier to the manufactured home industry.

A replay of the company’s webcast discussing the second quarter is available at Drew’s website. ##

(Logo credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

MH Component Supplier Drew to Discuss Q2 Financials

July 23rd, 2016 Comments off

Drew_Industries, Inc._logo postedDailyBusinessNewsMHProNewsDrew Industries, Inc. of Elkhart, Indiana (NYSE:DW) will release its second quarter, 2016 financials before the market opens on Thurs., Aug. 4, 2016, according to prnewswire. A supplier of components to the manufactured home and recreational vehicle industries, Drew will hold a conference call later that same day at 11 AM eastern time to discuss the results and other business concerns.

The call will be hosted by Drew CEO Jason Lippert, President Scott Mereness and CFO David Smith. Participation in the question and answer session at the end of the call will be limited to institutional investors and analysts. Others may listen to the webcast on the Drew website.

Drew operates from 45 manufacturing and distribution facilities in the U. S., Canada and Italy.

Drew Industries stock is reported on MHProNews‘ Daily Business News stock report, shown here. In trading to end the week, Drew closed up +0.35 percent at $90.51. ##

(Image credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Drew Industries Declares Quarterly Cash Dividend

March 19th, 2016 Comments off

drew_ind_2_logoThe Board of Directors of Drew Industries, Inc. (NYSE:DW) of Elkhart, Indiana has declared a cash quarterly dividend of $0.30 per share of common stock, as prnewswire tells MHProNews.

Payable on April 15, 2016 to shareholders of record as of the close of business on April 1, 2016, Drew’s CEO, Jason Lippert, said, “We are pleased to demonstrate our continued commitment to shareholder value through the establishment of a regular quarterly dividend.”

David Smith, Drew’s CFO, added, “Our strong balance sheet and consistent cash flow not only enable us to initiate regular quarterly dividend payments, but also position us to continue the successful execution of our strategy to grow sales through acquisitions, greater market share, and innovative new products.”

Through its wholly-owned subsidiary, Lippert Components, from 44 production and distribution facilities across the U. S. and Canada, Drew supplies a variety of components to the manufactured housing and recreational vehicle industries. ##

(Image credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily business News-MHProNews.

Drew to Release Q3 Results

October 21st, 2015 Comments off

drew_ind_2_logoMHProNews has learned from marketwatch that Drew Industries, Inc. (DW) will release its Q3 2015 financial results before the market opens on Tue., Nov 3, 2015, followed by a conference call later that same morning at 11 AM EST to discuss the results. The question and answer session will be limited to institutional investors and analysts. Other interested parties may listen in on the company website.

Participating in the call will be CEO Jason Lippert, President Scott Mereness and CFO David Smith. Drew’s stock closed Nov. 21, trading at $59.31, down -0.45 percent.

As MHProNews knows, Drew is a component supplier to the manufactured home and recreational vehicle industries, as well as to industrial, commercial, and consumer markets from 42 manufacturing facilities throughout the U. S. and Canada. ##

(Image credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.