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Posts Tagged ‘End’

No End in Sight? Trump Cheers Stock Market Streak

February 16th, 2017 Comments off
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President Donald J. Trump. Credit: Business Insider, Getty Images.

With the Dow, NASDAQ, S&P 500 and the Russell 2000 Index all on record winning streaks, many are trying to figure out just how all of this is happening.

President Donald Trump believes that he has the answer.

Stock market hits new high with longest winning streak in decades,” Trump tweeted today.

Great level of confidence and optimism — even before tax plan rollout!

According to Business Insider, the NASDAQ composite index has set a record-high close seven days in a row, which is the longest streak since 1999. Additionally, the S&P 500, the Dow Jones industrial average, and the Nasdaq have all hit closing records at the same time for five straight days, the longest triple winning streak in 25 years.

But the hits don’t stop there.

The markets have not seen a one percent decrease since October 11, which is the longest streak in the last 11 years, and are on the second longest “bull market” run in history, only being outdone by the run from 1987 to 2000.

As Daily Business News readers are aware, consumer, small business and homebuilder confidence are at or above record highs post election, spurred by President Trump’s daily meetings with leaders from all industries and plans for tax and regulatory reform.

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Credit, NFIB.

The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers,” said Lynn Franco, Director of Economic Indicators at The Conference Board.

Consumers’ assessment of current conditions, which declined, still suggests that economic growth continued through the final months of 2016. Looking ahead to 2017, consumers’ continued optimism will depend on whether or not their expectations are realized.

The level of confidence is being backed up by hard data, with recently released retail sales numbers also beating expectations.

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Donald Trump with Softbank CEO Masayoshi Son. Credit: CBS News.

With taxes, Trump referenced releasing “something phenomenal in terms of tax in the next two to three weeks” while meeting with retail and airline CEO’s last week.

This statement helped to move markets higher, as Wall Street and others anxiously await a detailed tax plan. President Trump has said in the past that he would like to lower the corporate tax rate to 15 percent from the current federal rate of 35 percent.

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Juanita Duggan. Credit: NFIB.

 

 

We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan.

Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.

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

 

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RC Williams, for Daily Business News, MHProNews.

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

LCI Industries Reports Q4, Year End Earnings

February 9th, 2017 Comments off
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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.

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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.

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RC Williams, for Daily Business News, MHProNews.

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

The End of MHC’s in Palm Beach County?

January 31st, 2017 Comments off
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Suni Sands Mobile Home Park. Credit: MHProNews.

What a difference a storm can make.

According to the Palm Beach Post, a tornado that ripped through the Juno Beach Condo Mobile Home Park last week put the issues surrounding manufactured home communities in Palm Beach county front and center again, as a combination of developers buying up communities and high housing prices threaten access to affordable housing in the area.

 

Many manufactured home communities in the county sit on large lots of land, usually with access to main roads, boat docks, and, most important to developers, commercial or multi-family zoning.

When other housing or commercial buildings replace a manufactured home community, urban planners often refer to it as “infill development,” which according to the Municipal Research and Services Center (MRSC) is defined as “the process of developing vacant or under-used parcels within existing urban areas that are already largely developed.

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A crew cleans up at Juno after last week’s tornado. Credit: Palm Beach Post.

And, although residents of manufactured home communities see things differently, what may be more troubling in Palm Beach county is what appears to be a “backdoor” version of NIMBY (Not-In-My-Back-Yard.)

Per the Palm Beach Post, politicians, and the residents who reelect them, seem to know that developments bring more tax revenue than manufactured home communities.

Infill development in the county has already taken place in Jupiter at the site of the former Whitehaven Senior Mobile Home Park, which is now home to Culver’s Custard and the Barcelona apartments.

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A map of the area, with Juno highlighted. Credit: Google.

Residents at Bell’s Mobile Home Park and Suni Sands Mobile Home Park met a similar fate when developers acquired the properties and announced new development plans. The last of the residents at Suni Sands left the community in mid December.

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A view of Bell’s Mobile Home Park. Credit: Palm Beach Post.

I grew up here. My kids worked here. This place is a part of me. The residents aren’t the only ones feeling the loss. I’m glad it’s over. It’s time to move on,” said community manager Steve Burns.

I never imagined I would live in such a magical place like Suni Sands. My husband and I are going to get a pizza tonight and sit on the deck with another couple. One last night in paradise,” said Joyce Miller, a 15-year resident.

Even moving assistance from the government usually isn’t enough to help residents.

While offering up to $6,000 in moving expenses for manufactured homeowners who are displaced, that amount doesn’t go very far in a county where everything tends to be expensive.

Many simply walk away from their homes all together, with it being too expensive to move them.

Views from the MH Industry

jimayottecreditmhpronewsusersrcdesktoppaulbradleycredtimhpronewsstanthonycasehighlightsbattleovercommunityownersrightsvsresidentsrights-dailybusinessnewsAs similar instances continue to take place around the U.S., MH industry professionals have provided their take.

Jim Ayotte, executive director of the Florida Manufactured Housing Association (FMHA), told MHProNews – “A community owner shouldn’t be compelled to close a community without regard for homeowners.

Ayotte explained some of the various stress points that are often at play, including local governments that have limited ability in their budgets to provide affordable housing. Yet, local governments often try to impose measures that force property owners to act contrary to their property rights.

This is unfair to the private sector and quite frankly, should be unconstitutional,” said Ayotte.

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Jay Hamilton, Executive Director, Georgia Manufactured Housing Association (GMHA).

Property owners have the right to develop their land. And the government has the responsibility to make affordable housing available to citizens, especially for the elderly and low-income. There has to be some type of balance.

As MH association directors, we support a property owner’s rights to buy, sell and make a profit at any time, Jay Hamilton, of the George Manufactured Housing Association told MHProNews.

What we do hope for is that the MH Community owner does it ethically, which is usually the case.

The community owner should help minimize the impact by working with local government and social service agencies to identify alternative housing options,” said Ayotte, adding that he has seen a number of examples of community closures where owners, residents and local officials worked successfully together.

Ayotte’s full comments about the matter are linked here. ##

 

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RC Williams, for Daily Business News, MHProNews.

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

HUD Announces Record $1.9 Billion in Grants to “End Homelessness”

December 26th, 2016 Comments off
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Credit: HUD.

On December 20th, the Department of Housing an Urban Development (HUD) announced that it has awarded a record $1.95 billion to numerous homeless assistance programs across the U.S., including Puerto Rico, Guam, and the U.S. Virgin Islands.

As part of the Obama Administration’s effort to prevent and end homelessness, the U.S. Department of Housing and Urban Development today awarded a record $1.95 billion in grants to nearly 7,600 homeless assistance programs across throughout the nation, including Puerto Rico, Guam, and the U.S. Virgin Islands,” HUD said in a prepared statement.

The awards, know as “Continuum of Care” grants, are intended to “prevent and end homelessness.

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Julian Castro. Official photo.

Per CNS News, HUD is urging states to spend the grant money on their “highest-performing local programs that have proven most effective” in reducing homelessness.

Today marks another critical investment in support of those working each and every day to house and serve our most vulnerable neighbors,” said HUD Secretary Julian Castro.

We know how to end homelessness and will continue to encourage our local partners to use the latest evidence to achieve success. These grants support proven strategies to end homelessness once and for all.

Among the states receiving grants, California will get the largest share a total of $352,946,617 for 933 local homeless-assistance projects, followed by New York with $195,920,284 for 621 projects, Illinois $104,862,190 for 416 projects, and Pennsylvania $100,357,941 for 515 projects.

Among the states receiving the least in grants are: Wyoming, $291,611 for 5 projects, South Dakota with $1,264,095 for 10 projects and North Dakota receives $1,903,991 for 20 projects.

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Screen capture from the 6 page document by Dr. Carson, posted on a commentary linked here. Carson has been named by the Trump transition team as the president-elect’s pick to lead HUD, which is the primary regulatory agency for the HUD Code manufactured housing program. Will Dr. Carson work to merge, for example, DOE’s energy program back into HUD? The document download linked from the commentary above offer clues.

The Solution for Homelessness, Hiding in Plain Sight

As Daily Business News readers – and forward looking manufactured housing professionals and investors know –  manufactured homes provide a quality, affordable solution to the housing challenges that the nation faces.

A growing number of mainstream media, as well as federal public officials and politicos in both major parties agree on that fact, as is reflected in the Julian Castro video posted below.

MHI and MHARR have both welcomed incoming HUD Secretary Dr. Ben Carson.

Dr. Carson has been invited in an open letter by our publisher to better understand the potential for manufactured housing to save on federal budgets, while offering free market solutions that can cut homelessness and increase independence rather than dependence.

With the U.S. Census Bureau reporting an average manufactured home price of $66,000 (see 2016 manufactured housing fast facts report, linked here), the manufactured housing industry could provide 29,545 homes with the $1.95 billion in grants that HUD has made available. Leveraging that same sum could raise that by a factor of 10 to 20. Using a more modest model manufactured home than the median or average size would further increase the potential impact the total numbers served by such government programs.

Over time, following that pattern, federal and any matching state/local spending could be cut, while dramatically improving the lives of each of those touched.

The solution to affordable quality housing is hiding in plain sight. ##

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RC Williams, for Daily Business News, MHProNews.

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