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LCI Industries Makes Major Move

May 23rd, 2017 Comments off
LCIIndustriesReportsQ4YearEndEarningscreditInvestorsLCI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: LCI, Investors.

LCI Industries (formerly Drew Industries), a supplier of components for the leading original equipment manufacturers of recreational vehicles (“RVs”) and adjacent industries, and the related aftermarkets of those industries, tells MHProNews that it has acquired Lexington, LLC for $40 million.

Based in Elkhart, Indiana, Lexington manufactures high quality seating solutions for the marine, RV, transportation, medical and office furniture industries. LCI Industries completed the acquisition via its wholly owned subsidiary, Lippert Components, Inc.

We are excited to add Lexington’s business and employees to our growing portfolio of furniture solutions for the marine, RV and adjacent industries,” said LCI’s President Scott Mereness.

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Scott Mereness. Credit: LCI Industries.

LCI is the leading provider of furniture solutions for the RV towable industry, and with the addition of Lexington’s high quality products, design and manufacturing teams, and strong customer relationships, the leading supplier of pontoon furniture as well.”

LCI says that current Lexington President Jeff Wysong will remain with LCI and continue to lead Lexington.

LCI is a great strategic fit for our company as well as our customers, and I am excited to be a part of their dynamic team,” said Wysong.

LCI has vast resources and great teams that will certainly help strengthen Lexington as we combine with LCI’s marine divisions to offer even better solutions to the marine market and its customers.”

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Jason Lippert. Credit: LCI Industries.

Our combined marine furniture team is talented and innovative, as well as experienced in managing growth,” said Jason Lippert, LCI’s Chief Executive Officer.

Lexington is our largest acquisition in the past 20 years, and is representative of our strategy of quickly assembling a portfolio of companies and products that will help us become a major contributor to marine component designs and solutions. We expect to leverage our purchasing, sales, distribution and administrative capabilities to improve the profitability of this business, and we expect this acquisition to be immediately accretive to LCI’s earnings.”

LCI 1 year look. Credit: Bloomberg.

LCI is one of the various manufactured housing industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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LCI Industries Reports Q4, Year End Earnings

February 9th, 2017 Comments off
LCIIndustriesReportsQ4YearEndEarningscreditInvestorsLCI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: LCI, Investors.

LCI Industries (NYSE: LCII), formerly Drew Industries, reported earnings for Q4 2016 and year-end today.

Consolidated net sales in the fourth quarter of 2016 were $403 million, 21 percent higher than Q4 2015 net sales of $334 million. Net income was $26.3 million, or $1.05 per diluted share, for the fourth quarter ended December 31, 2016, compared to net income of $16.1 million, or $0.65 per diluted share, for the fourth quarter ended December 31, 2015.

According to LCI, the increase in year-over-year net sales reflects industry-wide growth in wholesale shipments of towable and motorized RVs by OEMs, which increased 20 percent and 16 percent, respectively, in the fourth quarter of 2016, enhanced by acquisitions completed in 2016, which added $17 million in net sales in the fourth quarter of 2016.

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Jason Lippert. Credit: LCI Industries.

2016 RV industry volume out-paced 2015 each quarter, as 2016 fourth quarter wholesale travel trailers were up nearly 24 percent and fifth-wheels were up over ten percent, said CEO Jason Lippert.

 

For January 2017, LCI consolidated net sales reached approximately $149 million, 18 percent higher than January 2016.

As the industry prepares to meet the anticipated demand of the 2017 spring and summer selling seasons, I am encouraged by January sales following up on a strong fourth quarter,” said Lippert.

Our operating profit in the fourth quarter of 2016 improved to $40.6 million, compared to $23.6 million in the fourth quarter of 2015,” said LCI President Scott Mereness.

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Scott Mereness. Credit: LCI Industries.

Strong industry growth, lower costs for certain key commodities, accretive acquisitions completed over 2016 and a focus on cost management, lean initiatives and other operational efficiencies, all contributed to profit improvement for the quarter.

Consolidated net sales for the year ended December 31, 2016 increased to $1.7 billion, 20 percent higher than the net sales for the year ended December 31, 2015 of $1.4 billion.

Acquisitions completed by LCI in 2016 added $64 million in net sales in 2016. Net income for the full-year 2016 increased to $129.7 million, or $5.20 per diluted share, up from net income of $74.3 million, or $3.02 per diluted share, in 2015.

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LCI Acquires Sessa Klein

LCI also announced its has reached an agreement in principle to acquire Sessa Klein S.p.A., a Varese, Italy-based manufacturer of highly engineered side window systems for both high speed and commuter trains for approximately €7.9 million (US$8.5 million). Sessa Klein’s sales for 2016 were approximately €10 million (US$11 million).

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Credit: Sessa Klein.

Sessa Klein has an excellent management team, and a great reputation in the international rolling stock industry for the sophisticated engineering and design of their window products,” said LCI President Scott Mereness.

In 2016, we acquired Florence, Italy-based Project 2000 S.r.L., a manufacturer of motorized entry steps, bed lifts and RV accessories, as a foundation for LCI in the European RV market. We believe the addition of Sessa Klein’s products and diversified customer base opens a door into a new adjacent market for LCI.

LCIIndustriesReportsQ4YearEndEarningscreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

LCI 1 year look. Credit: Bloomberg.

LCI supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and is one of the various manufactured housing industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

LCI Q4 2016 and Year End Results.

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Drew Industries Announces Big Change for Dec 30th, 2016

December 20th, 2016 Comments off

Credit: Drew Industries.

Drew Industries Incorporated (NYSE: DW) has announced that its Board of Directors has approved changing the Company’s corporate name to “LCI Industries.

Through its wholly owned subsidiary Lippert Components, Inc. (LCI) and its subsidiaries, Drew Industries supplies a broad array of components for the leading OEMs of recreational vehicles (RVs) and adjacent industries, as well as the aftermarkets of these industries.

Lippert Components’ business has grown considerably over the past decade, and the new corporate name was selected to better align the investment community with the strength of the LCI brand in the industries it serves.

The name change will be effective on December 30, and the Company has reserved the ticker symbol “LCII“, said the press release via Seeking Alpha.

The Company’s common stock will begin trading on the New York Stock Exchange (NYSE) under its new name and trading symbol effective January 3, 2017.

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Drew Industries at the NYSE. Credit: Drew Industries.

Drew Industries tells the Daily Business News that outstanding stock certificates will not be affected by the name change and will not need to be exchanged.  All stock trading, filings and market-related information will be reported under the new corporate name and trading symbol.

drewindustriescompletesfourthacquisitionof2016credit-drewatwoodeppmcom-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: Drew, Atwood, eppm.

Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and recently completed its acquisition Atwood Mobile Products. That story is linked here.

Drew Industries is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Drew Industries Names New CFO, Quarterly Dividend posted

November 28th, 2016 Comments off
Credit: Drew Industries.

Credit: Drew Industries.

Drew Industries Incorporated (NYSE: DW) announced that it has named Brian Hall as Chief Financial Officer, effective immediately. Hall has served as the Company’s interim CFO since September 26, 2016, replacing David M. Smith.

We are pleased that Brian has agreed to become our new CFO,” said Jason Lippert, Chief Executive Officer of Drew Industries.

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Brian Hall. Credit: LinkedIn.

His several years of experience in the RV industry, combined with the leadership and technical skills he has demonstrated since joining our company and through this recent transition period, make him the ideal person to lead our financial team for the continued execution of our business strategies. Our executive management team and Board of Directors look forward to continuing to work with Brian in his new role.

Hall joined Drew Industries in March 2013, and has served as Corporate Controller since June 2013, and interim Chief Financial Officer since September 2016.  Prior to joining the Company, he spent more than 16 years in public accounting, most recently as a Senior Manager at Crowe Horwath LLP, where he worked with several public company clients in the RV industry.

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Drew Industries at the NYSE. Credit: Drew Industries.

Drew Industries also announced a quarterly dividend for shareholders. According to Street Insider, the company declared a quarterly dividend of $0.50 per share, or $2 annualized. This is a 66.7% increase from the prior dividend of $0.30.

The dividend will be payable on December 9, 2016, to stockholders of record on November 28, 2016. The annual yield on the dividend is 2 percent.

Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe.

Drew Industries is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Drew Industries to Announce Q3 Earnings; Analysts, Big Banks Bullish

November 3rd, 2016 Comments off
Drew Industries and affiliated companies.

Drew Industries and affiliated companies.

Drew Industries Inc. (NYSE:DW) is scheduled to release its Q3 2016 earnings data this morning at 8:30 a.m. ET.

Analysts expect Drew to post earnings of $1.20 per share (EPS) and revenue of $392.70 million for the quarter, according to The Cerbat Gem.

During its Q2 earnings call on August 4th, Drew reported EPS of $1.51 for the quarter, beating analysts’ estimates by $0.22. The company had a return on equity of 23.42 percent and a net margin of 6.93 percent. Drew Industries’ revenue was up 21.7 percent compared to the same quarter last year.

Share Price

The company’s 50-day moving average share price is $94.76 and its 200-day moving average price is $86.76. The 12-month low was $51.67 and the 12-month high was $103.19. The firm has a market capitalization of $2.14 billion.

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Credit: Bloomberg.

According to Englewood Daily, Drew Industries has been a favorite of institutions, also known as “smart money.” These institutions currently hold over 93 percent of the company’s shares.

Investment Activity

A number of hedge funds have made changes to their positions in Drew Industries, according to The Cerbat Gem:

  • Rhumbline Advisers increased its stake by 2.3 percent in the second quarter and now owns 34,302 shares worth $2,910,000.
  • TIAA CREF Investment Management LLC boosted its stake by 0.4 percent in the second quarter and now owns 105,057 shares of the company’s stock, worth $8,913,000.
  • TFS Capital LLC purchased a new stake in the company during the second quarter worth $493,000.
  • FMR LLC also purchased a new stake in the company worth $8,484,000.
  • The State of Wisconsin Investment Board acquired a stake in the company worth $848,000.

Hedge funds and other institutional investors currently own 93.36 percent of the company’s stock.

 

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Credit: The Cerbat Gem.

 

As Daily Business News readers are aware, we recently covered Drew Industries as Citigroup boosted their price target for the company from $85.00 to $110.00 and gave company a “buy” rating in a research report on August 15th.

drewindustriescompletesfourthacquisitionof2016credit-drewatwoodeppmcom-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: Drew, Atwood, eppm.com.

The Daily Business News also covered Drew Industries’ acquisition of Atwood Mobile Products here.

Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe.

Drew Industries is also one of the various industry-connected stocks monitored each business day in the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Drew Industries Completes Fourth Acquisition of 2016

November 1st, 2016 Comments off
drewindustriescompletesfourthacquisitionof2016credit-drewatwoodeppmcom-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: Drew, Atwood, eppm.com.

Drew Industries Inc. (NYSE: DW) has announced their acquisition of Elkhart, Indiana based Atwood Mobile Products, Inc. via Lippert Components, Inc. (LCI), a wholly owed subsidiary. The sale is expected to be completed in November.

Atwood has been a household name in the RV and trailer markets for over 30 years,” said Scott Mereness, President of LCI.

According to erienewsnow, products acquired in the acquisition include seating frames and related components, as well as Atwood’s manual, power and scissor jacks, leveling systems and controls, couplers and hitch balls, fifth wheel landing gear and braking components.

Atwood’s chassis hardware products are a natural fit for LCI,” added Mereness.

Additionally, we expect the seating frame business will create new synergies in our RV and Marine furniture businesses. This acquisition spans many of our existing core markets and adds significant aftermarket revenue, and opens up new adjacent industry opportunities for LCI.

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Drew Industries at the NYSE. Credit: Drew Industries.

The acquisition of Atwood represents the fourth for Drew in 2016, preceded by the acquisitions of Highwater Marine in January, Flair Interiors in February and Project 2000 in May.

The company has seen a steady rise in its stock price, up over 40 percent for the year and recently received a “buy” rating from Citibank, which the Daily Business News covered here.

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Leigh J. Abrams.

As readers are aware, Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and will report Q3 earnings via conference call on November 3rd, 2016.

Drew Industries is one of the various industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

(Editor’s Note: For an exclusive interview with Drew’s Leigh Abrams, click here.)

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Drew Industries – Updated Rating from Citigroup

October 31st, 2016 Comments off
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Drew Industries at the NYSE. Credit: Drew Industries.

Drew Industries, Inc. (NYSE: DW) has received a “buy” rating from analysts, according to a recent report from StockzIntellegence, Inc.

Citigroup provided its “buy” recommendation on August 15th with a target price of $110.00, up from $85.00 in May.

Drew Industries’ share price has increased 47.62 percent since March 24th, 2016 and has outperformed the S&P 500 by 42.53 percent.

A total of 51 investment funds purchased stakes in Drew, while 66 increased their positions in the company. A total of 15 funds sold all of their interest in Drew, while 52 have reduced their positions.

In total, funds now own 23.25 million shares or 1.29 percent more than the 22.96 million shares held by funds in Q1 2016.

Holdings of note:

  • Neuberger Berman holds 1.46 million shares, equal to 0.17 percent
  • Nationwide Fund Advisors holds 15.641 shares, equal 0.01 percent
  • Tiverton Asset Management, Ltd holds 735,000 shares, or 0.02 percent of the stock
  • Capstone Asset Management also has 0.02 percent invested and holds 9,700 shares.
  • RK Capital, LLC reported 126,687 shares and Advisor Asset Management holds 11,887 shares or 0.02 percent of Drew stock.
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Credit: Bloomberg.

As Daily Business News readers are aware, Drew Industries supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe.

Insider stock transactions have generated $7.16 million in net activity since May 2016:

  • Scott T Mereness sold 2,000 shares, worth $205,200
  • John Lowe sold 10,687 shares worth $826,960
  • Jason Lippert sold shares with a total value of $999,300
  • Brian Hall sold shares with a total value of $55,427
  • David Reed sold $240,975 worth of shares
  • Leigh Abrams sold 5,527 shares, worth $447,190.

Drew Industries is one of the various industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

Drew Industries will report Q3 earnings via conference call on November 3rd, 2016.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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Leigh J. Abrams.

(Editor’s Note: For an exclusive interview with Drew’s Leigh Abrams, click here.)

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Patrick Industries, Drew Industries Announce Executive Moves

September 28th, 2016 Comments off

Patrick Drew Logos Images posted Daily Business News, MHProNewsPatrick Industries (NASDAQ: PATK) and Drew Industries (NYSE: DW)  – both based in Elkhart, Indiana- made executive level moves today.

Patrick announced, effective immediately, Jeffrey M. Rodino, Executive Vice President of Sales and Chief Operating Officer, assumes the newly created position of Executive Vice President of Sales and Chief Sales Officer.

Kip B. Ellis, Vice President of Market Development, will assume the position of Executive Vice President of Operations and Chief Operating Officer.

We continue to align our talent to maximize focus and capacity to position ourselves to most effectively serve our customer base,” said Todd Cleveland, Patrick Industries CEO.

Jeff has a proven track record of executive leadership and accomplishment in our organization and will help drive our efforts to strategically grow our overall business model and expand our customer base and product line offerings.

 

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Kip, who also has a proven track record and background in executive leadership in the industry, will work side by side with Jeff to strategically align our focus on maximizing efficiencies, cross-selling opportunities, and operating performance,” said Cleveland.

Rodino joined Patrick Industries in 2007, rising to his most recent role in March 2013. Ellis joined Patrick in April of this year.

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Drew Industries announced that David M. Smith, Chief Financial Officer, will be leaving the company to pursue other opportunities. Smith joined the company as CFO in September 2015, and will continue to work with the company through the end of the year to support an orderly transition.

The company also announced that Brian Hall has been names interim CFO, effective immediately. Hall will serve in the role until the Drew Board of Directors elects the departing Mr. Smiths’ replacement.

Hall joined the company in 2013.

On behalf of all of us here at Drew Industries, Lippert Components, Inc., and our Board of Directors, I want to thank David for his service during the past year and wish him the best in his future endeavors,” said Jason Lippert, CEO of Drew Industries.

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To see the entire Manufactured Housing Industry related stock market report for last night, please click here.

Both companies lead gains for the MH stock index, and recorded solid increases in stock price after the announcements. Drew Industries was up over 3% and Patrick Industries up over 4%. Both companies are part of the Daily Business News’ manufactured housing industry market report.

As Daily Business News and MHProNews readers know, Patrick Industries is a leading manufacturer of building products and materials to the Recreational Vehicle and Manufactured Housing Industries in the United States.  The firm was founded in 1959. We recently featured their win at INVESTIndiana here.

Drew Industries (who finished second at the INVESTIndiana event) has also been in the news lately and supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

 

CFO Josh Boone accepts award for Patrick Industries

September 19th, 2016 Comments off
patrickindustriesphotologo-patrick-postedmanufacturedhousingindustrydailybusinessnewsmhpronews

Credits, Patrick Industries.

Elkhart, IN based Patrick Industries (NASDAQ: PATK), a provider, supplier and producer for manufactured housing, RVs and other industries, received the 2016 Indiana Public Company of the Year award at a banquet at the INVSESTIndiana Equity Conference in Indianapolis.

Companies that were nominated were evaluated on their assets, revenue growth, market performance and total return.

Finishing in second place was another well-known component provider to the manufactured housing and RV industries, Drew Industries, which did $1.4 billion in sales in 2015.  Both companies are part of the Daily Business News’ manufactured housing industry market report.

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The annual award that Patrick Industries won is presented by CFA Society, Financial Executives International. Image credits, InvestIndiana website.

Patrick Industries generated $920 million in revenue in 2015, and employs 4800 people in 60 facilities across 16 states.

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Graphic credits from Patrick Shareholders report.

Company CFO Josh Boone accepted the award on behalf of the company.

We support and empower the creative entrepreneurial spirit of each of the businesses we operate,” the company said in a prepared statement.

Starting in 2010, Patrick has acquired 29 companies with aggregated revenues of $670 million.  They have focused on growth through both operations and acquisitions.

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Through its numerous subsidiaries, Patrick Industries provides:

  • Custom Built Hardwood doors, panels and countertops (Adorn)
  • Granite & Quartz Countertops (AIA)
  • Laminated Panels (Custom Vinyls)
  • Lighting (Gustafson Lighting)
  • Drywall (Patrick Distribution)
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Logo credits, Patrick website.

As thousands of MHProNews readers know, Patrick Industries is a leading manufacturer of building products and materials to the Recreational Vehicle and Manufactured Housing Industries in the United States.  The firm was founded in 1959.

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While each of the documents attached below provides significant insights into the company’s operations, the 2016 shareholders presentation has a wealth of graphics and snapshots of Patrick and the industries they serve.  Many of the graphics on this page came from their 2016 shareholder presentation.

Patrick also supplies many of its products to the industrial market that include customers in the kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets. ##

(Image credits, Patrick)

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RC WIlliams, for Daily Business News, MHProNews.

Submitted by RC Williams for the Daily Business News, MHProNews.

 

CVCO, NRF slide, Carlyle Group, LPX glide higher, Politics/Economics Mix

September 8th, 2016 Comments off

cnnmoneydowticker982016-posteddaiybusinessnews-mhpronewsOn items that CNN Money finds of interest as part of their market reports for the day: Wells Fargo fires 5,300 for creating fake accounts, Hillary Clinton finally holds a press conference and Airbnb is cracking down on discrimination. MarketWatch notes: iPhone 7 fails to impress, but Apple predicts sellout. Fed asks Congress to limit bank commodity activities, Libertarian presidential candidate Gary Johnson asks: ‘And what is Aleppo?’ In Clinton vs. Trump, “forecasters say anything could happen.”

The three major U.S. market indexes at the close today:

S&P 500: 2,181.30 -4.86 (-0.22%).

Dow JIA: 18,479.91 -46.23 (-0.25%).

Nasdaq: 5,259.48 -24.44 (-0.46%).

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Yahoo! Manufactured Housing Composite Value at the close, 1,396.71 -32.05 (-2.24%).

Manufactured Housing Composite Value Ticker

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Graphic credit, Yahoo.

Among manufactured housing industry connected tracked stocks, the big losers for today: CVCO  and NRF slide.  Among the gainers, Carlyle Group and LPX.  See chart below.

Note: The Manufactured Housing Composite Value (MHCV) does not include many of the stocks in the report below.

 

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Graphic credit, Bloomberg Ticker for Daily Business News Manufactured Housing Industry Connected Stock Market Report, MHProNews.

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Graphic credit, Bloomberg Ticker for Daily Business News Manufactured Housing Industry Connected Stock Market Report, MHProNews.

Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.  Drew, Patrick, UFPI and LP all supply manufactured housing, while AMG, CG and TAVFX have investments in manufactured housing related businesses. ##

(Image credits are as shown.)

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L. A. ‘Tony’ Kovach is the publisher of MHProNews.com and MHLivingNews.com.

Manufactured Housing Industry Connected Stock Market Report by L. A. “Tony” Kovach, to the Daily Business News for MHProNews.