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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.

LCIIndustriesReportsQ4YearEndEarningscreditLCI-ScottMerenesspostedtothedailybusinessnewsmhpronewsmhlivingnews

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.”

LCIIndustriesReportsQ4YearEndEarningscreditLCI-JasonLippert-postedtothedailybusinessnewsmhpronewsmhlivingnews

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.

LCIIndustriesReportsQ4YearEndEarningscreditLCI-JasonLippert-postedtothedailybusinessnewsmhpronewsmhlivingnews

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.

LCIIndustriesReportsQ4YearEndEarningscreditLCI-ScottMerenesspostedtothedailybusinessnewsmhpronewsmhlivingnews

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.

LCIIndustriesReportsQ4YearEndEarningscreditLCI1-postedtothedailybusinessnewsmhpronewsmhlivingnews

 

LCIIndustriesReportsQ4YearEndEarningscreditLCI2-postedtothedailybusinessnewsmhpronewsmhlivingnews

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).

LCIIndustriesReportsQ4YearEndEarningscreditSessaKlein-postedtothedailybusinessnewsmhpronewsmhlivingnews

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.

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 Acquires Manufacturer of RV Interiors

February 29th, 2016 Comments off

drew_ind_2_logoDrew Industries, Inc. of Elkhart, Indiana has acquired Flair Interiors, Inc., a manufacturer of recreational vehicle (RV) interiors with operations in Goshen and Fort Wayne, IN, through its wholly-owned subsidiary, Lippert Components, Inc. (LCI®) for $8.1 million, according to streetinsider. Sales of Flair for 2015 wee approximately $25 million.

Drew’s President, Scott Mereness, said, “We have well-established furniture operations in both Goshen and Fort Wayne, allowing integration to become significantly easier. As the market leader in RV furniture, this transaction supports one of our goals of continued growth in our core markets.”

As MHProNews knows, Drew is a component supplier to the manufactured home (MH) and recreational vehicle industries from its 44 manufacturing and distribution 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.

Drew Draws another Floater from the Boaters

January 27th, 2016 Comments off

drew_ind_2_logoMHProNews has learned from streetinsider that Lippert Components, Inc., the wholly-owned subsidiary of Drew Industries, Inc. (NYSE:DW) has acquired the pontoon furniture manufacturing business of Highwater Marine, LLC, which is a leading manufacturer of pontoon boats and other recreational marine craft. Both Drew and Highwater are situated in Elkhart, IN.

Highwater’s boat brands were recently acquired by Bennington—also in Elkhart– the largest manufacturer of pontoon boats in the U. S. following its acquisition of Nautic Global Group. Highwater’s estimated revenue from the marine furniture business for 2015 was $20 million.

Lippert paid $10 million for Highwater, in addition to which the two firms entered into a five-year supply agreement.

Drew’s President, Scott Mereness, said, “Building on our August 2015 acquisition of Signature Seating in Fort Wayne, Indiana, this acquisition will further expand our marine furniture capacity by adding the Highwater manufacturing facility in Elkhart to the LCI footprint. We are excited to partner with Bennington on the transition of its Highwater furniture business and to strengthen our position in the marine furniture market.”

Mereness added, “We estimate that the market size for pontoon boat furniture is approximately $125 million, and we expect this acquisition to be immediately accretive to Drew’s earnings.”

MHProNews knows Drew Industries as a component supplier 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 Principals Sell over 40k Shares of Stock

December 7th, 2015 Comments off

drew_ind_2_logoThe sell off of Drew Industries, Inc. stock by principals of the company continues as Chief Financial Officer (CFO) Joseph S. Giordano III sold 8,000 shares of the company at an average price of $61.00 for a net transaction of $488,000.00, dated Fri., Nov. 27, according to midsouthnewz. He now owns 578 shares of Drew (NYSE:DW), valued at $35,258.

MHProNews reported March 31, 2015, Giordano sold 19,500 shares of Drew stock March 24, 2015, at $64.75 per share, totaling $1,262,625.00. Following that transaction, he owned 209 shares of company stock valued at approximately $13,532.75.

Since mid-November, 2015, Chairman Emeritus Leigh J. Abrams, CEO Jason Lippert, President Scott Mereness, Chief Operations Officer Todd W. Driver, Chief Administrative Officer Jamie Schnur and Director David Reed have sold a total of 40,678 shares of Drew stock.

Headquartered in Elkhart, Indiana, Drew is a component supplier to the manufactured home 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.

Insider Trading Continues at Drew Industries

December 2nd, 2015 Comments off

drew_industAs financialmagazin reports, Drew Industries, Inc. (NYSE:DW) director David Reed sold 10,300 shares of company stock at an estimated $60.9 per share, yielding $627,270. Furthermore, within the last 30 days he sold an additional 1,200 shares valued at $73,368.

Currently, Reed now owns 34,130 shares of Drew stock, approximating 0.14 percent of the company’s market capitalization of $1.46 billion. Drew has risen 5.91 percent since April 29, 2015, outperforming the S&P 500 by 6.11 percent. In trading today, Dec. 2, 2015, Drew fell -1.70 percent to close at $60.73.

As MHProNews reported Nov. 30, 2015, Drew CEO Jason Lippert sold 2,800 shares of company stock; and Scott Mereness sold 3,700 shares of Drew. MHProNews reported Nov. 16, 2015 that Chairman Emeritus Leigh Abrams unloaded 6,000 shares of stock.

Drew Industries is a component supplier to the manufactured home 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.

Lippert Seeking Tax Abatement for Newly Acquired Plant in Indiana

September 28th, 2015 Comments off

drew_ind_2_logoFollowing a story MHProNews posted Aug. 20, 2015 regarding the purchase of Signature Seating in New Haven, IN by Lippert Components, Inc. of Elkhart, IN, kpcnews reports the $16 million acquisition also includes a plant in Auburn, IN where Lippert will invest $800,000 in new equipment.

While Lippert is seeking a reduction in taxes of $19,000 at the New Haven factory where it intends to invest $678,160, the wholly-owned subsidiary of Drew Industries, Inc. will request a property tax abatement for $750,000 in machinery and $50,000 in transportation equipment at a meeting Oct. 5 in Auburn City Hall.

Signature makes furniture for fresh-water marine craft, particularly pontoon boats, and Scott Mereness, president of Drew, said, “Beyond the marine market, we expect to utilize the Signature team to develop furniture solutions for the RV motor home market as well.

The tax incentive application for the Auburn facility reveals the Auburn plant has 30 employees with an annual payroll of $813,000.

Drew Industries, with 42 locations nationwide, is a component supplier 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.