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Sun Communities Reports Q4 2016 Earnings

February 25th, 2017 Comments off

suncommunitiesquarterlyresults-creditssunmhpronews-manufacturedhousingindustrydailybusinessnewsmhpronewsSun Communities, Inc. (SUI) has reported its Q4 2016 earning results.

Total revenues for the quarter increased $50.4 million, or 30.0 percent, to $218.6 million compared to $168.2 million for the same period in 2015.

Net loss attributable to Common Stockholders was $1.6 million, or $0.02 per diluted common share, as compared to net income attributable to Common Stockholders of $89.4 million, or $1.56 per diluted common share, for the same period in 2015.

For the year ending December 31, 2016, total revenues increased $159.1 million, or 23.6 percent, to $833.8 million compared to $674.7 million for the same period in 2015. Net income attributable to Common Stockholders for the year ended December 31, 2016 was $17.4 million, or $0.26 per diluted common share, as compared to $137.3 million, or $2.52 per diluted common share, for the same period in 2015.

For the quarter, funds from operations (FFO) excluding certain items was $0.91 per diluted share as compared to $0.81 in the prior year, an increase of 12.3 percent.

For the year, FFO excluding certain items was $3.79 per share as compared to $3.63 in the prior year, an increase of 4.4 percent.

Home sales for Sun Communities increased by 27.8 percent as compared to the year ended December 31, 2015, and revenue producing sites increased by 301 sites for the quarter, bringing total portfolio occupancy to 96.2 percent.

Sun’s most recent results demonstrate the ongoing power of our platform. We achieved industry leading internal growth, increased or maintained occupancy for the 20th consecutive quarter and sold a record number of homes into our communities, while integrating our largest acquisition to date,” said Chairman and Chief Executive Officer Gary A. Shiffman.

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Sun Communities CEO Gary Shiffman, photo credit: Glenn Triest.

As we proceed through 2017, we are keenly focused on continuing to deliver exceptional results to our shareholders. Along with continuing to drive NOI growth from our core portfolio, we anticipate the most meaningful opportunities will come from value-add assets that we can reposition to deliver superior returns over the long term. Sun is well positioned to continue our track record of value creation.

Sun Communities Q4 and year-end 2016 earnings report linked here. ##

As Daily Business News readers are already aware, Sun owns and operates 338 manufactured home and recreational vehicle communities located in 29 states throughout the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm has one of the largest portfolios of manufactured home communities in the United States.

Sun is also one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  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.

Killam Properties Reports Q4, 2016 Earnings

February 16th, 2017 Comments off
KillamPropertiesReportsQ42016EarningscreditKillamLondonOntarioCanada-postedtothedailybusinessnewsmhpronewsmhlivingnews

A Killam property in London, Ontario, Canada. Credit: Killam.

Killam Apartment REIT (TSX: KMP.UN) has reported its financial results for the fourth quarter and year ended December 31, 2016.

Killam generated funds from of operations (FFO) per unit of $0.21 in Q4 2016, a 5.0 percent increase over Q4 2015.

Similar to the results for the year, growth was attributable to higher earnings from the same property portfolio, lower interest expense from refinancing and the Q3 2016 repayment of $57.5 million of convertible debentures, and growth from acquisitions and developments.

 

Killam achieved same property revenue growth of 1.8 percent in in the quarter, attributable to increased rents of 1.6 percent and improved occupancy levels. The same property apartment portfolio achieved 96.1 percent occupancy during the fourth quarter, up from 95.7 percent during Q4 2015.

Killam delivered strong results in Q4, and for the year,” said Killam President and CEO Philip Fraser.philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronews

We achieved many successes during 2016, reflected in our financial performance: solid growth from our existing portfolio, strong demand for our recently completed developments, portfolio-enhancing acquisitions in our core markets, and interest expense savings. In addition, we strengthened our balance sheet with reduced debt levels and an expanded acquisition credit facility.”

Overall in 2016, Killam generated FFO per unit of $0.86, an 8.9 percent increase from the $0.79 generated in 2015. FFO growth was attributable to a 4.0 percent increase in same property net operating income (NOI), interest expense savings on mortgage refinancings and convertible debenture redemptions, and accretive returns from developments and acquisitions.

Killam also completed $71.5 million in acquisitions in 2016, contributing positively to net income, and their newest development, Southport Apartments, was fully leased by November and also positively impacted earnings in the year.

The benefit of our established development program stood out last year,” said Fraser.

The lease-up of Southport Apartments in Halifax exceeded our expectations and reinforced the opportunity to add value through developments. We are excited about our two current projects and our pipeline of over 1,000 units for future development. Development will continue to be an important part of Killam’s growth strategy going forward.

KillamPropertiesReportsQ42016EarningscreditBloomBerg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Killam 1 year look. Credit: Bloomberg.

Daily Business News coverage of the most recent acquisitions by Killam is linked here.

In addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. 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
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.

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RC Williams, for Daily Business News, MHProNews.

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

Louisiana-Pacific Corp. Reports Q4 Earnings

February 8th, 2017 Comments off
LouisianaPacificCorpReportsQ4EarningscreditLPX1-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Louisiana-Pacific Corp.

Louisiana-Pacific Corporation (NYSE: LPX) reported results for the fourth quarter and year ending December 31, 2016 today.

Total net sales for the fourth quarter totaled $550 million, 19 percent higher than the same quarter one year ago. Total net sales for the year were $2.2 billion, 18 percent higher than the previous year.

 

Income from continuing operations for the fourth quarter was $43 million ($0.29 per diluted share) and income of $150 million ($1.03 per diluted share) for the year.

Non-GAAP adjusted income from continuing operations was $32.8 million ($0.23 per diluted share) for the fourth quarter and income of $130 million ($0.89 per diluted share) for the year. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) from continuing operations for the fourth quarter was $85 million compared to $34 million in the fourth quarter of 2015.

For the year, EBITDA from continuing operations was $346 million compared to $67 million the previous year.

LouisianaPacificCorpReportsQ4EarningscreditLPX2-postedtothedailybusinessnewsmhpronewsmhlivingnews

LouisianaPacificCorpReportsQ4EarningscreditLPX2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Our fourth quarter ended very strong which added to an outstanding 2016 for LP,” said CEO Curt Stevens.

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LPX CEO Curtis Stevens. Credit: LPX.

Siding revenues were nearly 20 percent higher in Q4 of this year compared to Q4 of last year while adjusted EBITDA for this business was over 50 percent higher. Coupled with over a 400 percent increase in OSB earnings this quarter compared to last year, the full year ended with an 18 percent increase in revenues, an EPS from continuing operations of $1.03 and adjusted EBITDA of $346 million.

LPX shares were up today, gaining 4.63 percent.

I am confident that housing will continue to grow over the next several years as household formations increase and both job and wage growth become stronger,” said Stevens.

With our new leadership in place, our facilities running well and our sales force focused on growth, 2017 should be a good year for LP.

LouisianaPacificCorpReportsQ4EarningscreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

Louisiana-Pacific Corporation is a leading manufacturer of quality engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial and light commercial construction. From manufacturing facilities in the U.S., Canada, Chile and Brazil, LP products are sold to builders and homeowners through building materials distributors and dealers and retail home centers.

LPX 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. ##

LPX 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.

AMG Reports Q4 Results, Update on Dividends

January 30th, 2017 Comments off
MassiveInvestorMovesatAffiliatedManagersGroupcreditAMGPixaby-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: AMG, Pixaby.

 

Affiliated Managers Group, Inc. (NYSE: AMG) reported its results for the fourth quarter and full year 2016 today.

For the fourth quarter of 2016, diluted earnings per share (EPS) were $2.67, compared to $2.67 for the same period of 2015; net income was $150.2 million, compared to $147.5 million for the same period of 2015.

 

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) were $289.7 million, compared to $263.1 million for the same period of 2015, and fourth quarter revenue was $550.3 million, compared to $589.8 million for the same period of 2015.

For the year ended December 31, 2016, diluted earnings per share were $8.57, compared to $9.17 for 2015.  Economic earnings per share were $12.84, compared to $12.47 for 2015, and net income was $472.8 million, compared to $509.5 million for 2015.

Net client cash flows for the fourth quarter of 2016 were $4.1 billion, and for the full year were $7.4 billion.

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Sean Healey. Credit: Find The Company.

AMG generated strong results for the fourth quarter and the full year 2016, including Economic earnings per share of $3.80 for the fourth quarter and $12.84 for the full year, both at record levels and representing earnings growth of 6% and 3% for each period, respectively,” stated Sean M. Healey, Chairman and CEO.

Against the backdrop of earnings declines across the asset management industry broadly, we continued to produce growth in our earnings, even with only a partial impact from investments closed during the second half of the year. With assets under management increasing 16% year-over-year to $727 billion, we enhanced the earnings power of our business through successful execution across all aspects of our growth strategy – including positive organic growth from net client cash flows in 2016, the long-term investment outperformance of our Affiliates, and the addition of outstanding new Affiliates during the year.

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Dividend Announced

AMG has also authorized the initiation of a quarterly cash dividend commencing in the first quarter of 2017, and declared an initial dividend of $0.20 per common share, payable February 23, 2017 to stockholders of record as of the close of business on February 9, 2017.

Additionally, the board authorized a share repurchase for a total of four million shares.

AMGReportsQ4ResultsUpdateonDividendscreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

AMG 1 year look. Credit: Bloomberg.

The program allows AMG to “repurchase issued and outstanding shares of its common stock in open market or privately negotiated transactions, with the timing of purchases and the amount of stock purchased determined at the discretion of AMG’s management,” the company said in a statement.

The initiation of a dividend and ongoing repurchase of our shares evidence our confidence in AMG’s future business prospects and commitment to maximizing returns for our shareholders through the disciplined allocation of the strong and growing free cash flow generated by our business,” said Healy.

AMG 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. ##

AMG Q4 2016 Results

 

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RC Williams, for Daily Business News, MHProNews.

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

T.J.T., Inc. Results for Q4 and Fiscal Year 2014 reported

December 12th, 2014 Comments off

TJTbackgrnd5-338x112=credit=tjtusa=website-posted-daily-business-news-mhpronews-com-Emmett, Idaho based T.J.T. Inc., reported their fourth quarter and 2014 fiscal year results.

TJT (OTC Markets: AXLE) is a supplier of axles, tires and installation supplies for the manufactured home industry, says BusinessWire  and HearldOnline.

Income before taxes was stated as $247,912 on net sales of $6,163,707. Fourth quarter income before taxes was $111,057 on quarterly net sales of $1,912,407.

TJT CEO Terry Sheldon said, “We are very pleased to report a profitable fiscal year for T.J.T., Inc. Our team of employees at TJT continues to work diligently to provide the highest quality products and services to our customers. We look forward to continued improvements in the operational results going forward.”

The firm was started in 1977. They operate recycling facilities in Idaho and California which serve eight Western states. ##

(Photo credit: TJT website)

Center for Housing Studies says Housing Recovery is Real

July 29th, 2013 Comments off

While the Census Bureau says home ownership is at its lowest point in 15 years, Harvard University’s Joint Center for Housing Studies reports “After across-the-board declines in 2011, all major house price indexes registered significant increases in 2012.” As documentation, the Center says the March 2013 median house price was up 11.6 percent over March 2012, and as of April 2013, home prices have risen in all except two states and in 94 of 100 major metropolitan markets. Between Q4 2011 and Q4 2012, the number of underwater borrowers dropped 1.7 million to 10.4 million, which represents 23 percent of all mortgage holders. Further, as philly.com informs MHProNews, the rise in prices resulted from increased sales and fewer listings. April 2013 marked the 34th consecutive month of rent increases as ranked by the Consumer Price Index, and last year rental households grew by 1.1 million. Eric S. Belsky, the joint center’s managing director, says, “Even as historically low interest rates have helped make the monthly cost of owning a home more favorable than any time in the past 40 years, the national homeownership rate fell for the eighth straight year in 2012.” He adds, noting the challenges still ahead, “Long-term vacancies are at elevated levels in a number of places, millions of owners are still struggling to make their mortgage payments, and credit conditions for home buyers remain extremely tight.”

(Photo credit: knoxnews)

Consumer Sentiment Rising

June 28th, 2013 Comments off

A survey released today (June 28) indicated consumer sentiment among higher-income families nearly rose to its highest level in six years, hitting 84.1 in late June, 2013, just below the 84.5 six year high in May. Economists surveyed by Reuters had forecast 82.8 for June, as MHProNews has been informed by rvbusiness. Since consumer spending accounts for 70 percent of the national economy, some analysts base their judgments on the optimism (or not) of consumers about the economy. Survey director Richard Curtin says, “Consumers believe the (economic) recovery has achieved an upward momentum that will not be easily reversed.” Consumer spending in the first quarter grew at an annualized rate of 2.6 percent, faster than the 1.8 percent in Q4 2012, but below the government prediction of 3.4 percent growth.

(Image credit: photobucket)

Cavco to Announce Quarterly Earnings Report

May 21st, 2013 Comments off

As globenewswire informs MHProNews Cavco Industries, Inc. will release its earnings report for Q4 of fiscal year 2013 following the close of the market Thurs., May 23, 2013. Friday, May 24, senior management officials will discuss the results in a live webcast at 12:00 PM Eastern Time. Listen via Internet: http://www.cavco.com under the Investor Relations link. The call will be archived using the same contact information for 90 days. The second largest producer of manufactured homes in the nation, Cavco designs and produces factory-built housing products under a variety of brand names including Cavco, Fleetwood, and Palm Harbor, and modular homes under the Nationwide Homes brand.

(Image credit: Cavco Industries, Inc.)

Housing Affordability Remains Strong

May 14th, 2013 Comments off

The National Association of Home Builders reports 73.7 percent of the new and existing homes sold in the first quarter of 2013 were affordable to families earning the annual median income of $64,400, down slightly from 74.9 percent in Q4 2012. The data for the NAHB/Wells Fargo Housing Opportunity Index (HOI) is taken direct from court records. “Thanks to very favorable mortgage rates and prices, housing affordability has remained quite high over the past four years,” says NAHB Chairman Rick Judson. The HOI has not dropped below 70 since 2008, MHProNews has learned. Ogden-Clearfield Utah is the country’s most affordable major housing market, with 93.4 percent of the of the homes affordable to people with the market’s $70,800 median income. Other markets in the most affordable range include Indianapolis-Carmel, Ind.; Lakeland-Winter Haven, Fla.; and Youngstown-Warren-Boardman, Ohio-Penn. For the second consecutive quarter San Francisco-San Mateo-Redwood City, Calif. was the least affordable, with only 28.9 percent of the homes sold in Q1 2013 affordable to those who earned the median income.

(Image credit: mattheafey)