The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Wed Aug 2, 2017
TROY, Mich. - Horizon Global Corporation, the parent company of Cequent Performance Products, has reported second quarter results of a 7.2 percent increase in Horizon Americas, which demonstrated a continued focus on execution, operational excellence and a commitment to drive growth across the enterprise, according to a press release.
“We observed our two-year anniversary as a public company in the second quarter and delivered solid revenue growth and margin expansion,” Horizon Global President and CEO Mark Zeffiro says. "Total company revenues grew over 51 percent, predominantly as a result of the addition of Westfalia. Regionally, Horizon Americas delivered strong growth in e-commerce and aftermarket channels as sales recovered from order delays in the first quarter of 2017. Horizon Asia-Pacific experienced double-digit organic growth by expanding into industrial products.
"As a whole, the company’s operating profit more than doubled as a result of leverage from increased sales and operational improvements. We reiterate our confidence in achieving €9 million in expected synergies during 2017 due to our Westfalia integration efforts. The momentum in Horizon Europe-Africa continues to build, and we expect to realize ongoing benefits from the business in the back half of 2017 and beyond. We are also pleased to announce our recently completed acquisition of Best Bars Limited, an established leader in the towing and trailering industry in New Zealand. Best Bars is now part of Horizon Asia-Pacific, and we expect this acquisition to support the growth of our global OE business.”
Best Bars primarily serves the OE channel with towing solutions and a wide range of vehicle accessories. Its global customers include Toyota, FCA (Jeep) and Volkswagen in New Zealand.
Horizon Americas net sales increased 7.2 percent, driven by gains in the aftermarket, OE and e-commerce channels. Operating profit increased $10.1 million to $22.8 million, or 16.5 percent of net sales, primarily due to higher sales, favorable product mix and cost reductions.
“We continue to drive progress on our key financial priorities - expanding our operating margin, improving our capital structure and growing the business to extract maximum value for our shareholders," Zeffiro says. "Given our performance in the second quarter and our forecast for the balance of the year, we are raising our full-year earnings per share guidance."
For third quarter 2017, the Company expects:
-Revenues between $225 million to $235 million
-Diluted earnings per share between $0.24 and $0.29
-Adjusted diluted earnings per share between $0.35 and $0.40
For full-year 2017, the company expects:
-Revenue growth of 30 to 35 percent; unchanged
-Operating profit between $40 million and $46 million, up 370 to 420 basis points; unchanged
-Adjusted operating profit between $53 million and $59 million, up 60 to 100 basis points; unchanged
-Operating cash flow between $40 million and $50 million; unchanged
-Diluted earnings per share between $0.54 and $0.64; increased
-Adjusted diluted earnings per share between $1.04 and $1.14; increased