Nobility Homes (NOBH) is a bright spot in the constellation of firms in the manufactured housing industry. Frankly, it is frustrating to report 9 months of year over year declining sales for the industry, when we as industry experts know that the overall declines are avoidable. Nobility is part of the proof that even when the industry in general has avoidable taken a slide, they have risen in a significant way. On a day when the markets overall and most industry tracked stocks rose, Nobility Homes (NOBH) is our featured report this evening.
If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline report is found further below, after the newsmaker bullets and major indexes closing tickers.
The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets. Headlines – at home and abroad – often move the markets. So, this is an example of “News through the lens of manufactured homes, and factory-built housing.” ©
Part of this unique evening feature provides headlines – from both sides of the left-right media divide – which saves busy readers time, while underscoring topics that may be moving investors, which in turn move the markets.
Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.
This is an exclusive evening or nightly example of MH “Industry News, Tips and Views, Pros Can Use.” © It is fascinating to see just how similar, and different, these two lists of headlines can be.
Want to know more about the left-right media divide from third party research? ICYMI – for those not familiar with the “Full Measure,” ‘left-center-right’ media chart, please click here.
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Today’s markets and stocks snapshot, at the closing bell…
Today’s MH Market Spotlight Report –
Nobility Homes, Inc. (NOBH) announced sales and earnings for its second quarter that ended May 4, 2019. Sales for the second quarter of 2019 were up 43% to $12,742,688 as compared to $8,922,264 recorded in the second quarter of 2018, per a press release from AccessWire.
Income from operations for the second quarter of 2019 was up 79% to $2,135,726 versus $1,191,947 in the same period a year ago.
Net income after taxes was up 60% to $1,819,725 as compared to $1,135,605 for the same period last year.
Diluted earnings per share for the second quarter of 2019 were $0.47 per share compared to $0.29 per share last year.
For the first six months of fiscal 2019, sales were up 28% to $23,782,462 as compared to $18,568,082 for the first six months of 2018.
Income from operations was up 71% to $3,907,557 versus $2,282,104 last year.
Net income after taxes was up 56% to $3,355,531 compared to $2,151,841 last year.
Diluted earnings per share were $0.87 per share compared to $0.54 per share last year.
Nobility’s financial position for the first six months of 2019 remains very strong with cash and cash equivalents, certificates of deposit and short term investments of $31,723,668 and no outstanding debt.
Working capital is $37,245,662 and our ratio of current assets to current liabilities is 6.1:1. Stockholders’ equity is $48,322,892 and the book value per share of common stock outstanding increased to $12.52.
Terry Trexler, President, stated, ”The demand for affordable manufactured housing in Florida continues to be strong. According to the Florida Manufactured Housing Association, shipments in Florida for the period from November 2018 through April 2019 were up approximately 26% from the same period last year. Constrained consumer credit and the lack of lenders in our industry, partly as a result of an increase in government regulations, still affects our results by limiting many affordable manufactured housing buyers from purchasing homes. However, legislation may help improve this situation in the future.”
Trexler continued, saying “Maintaining our strong financial position is vital for future growth and success. Because of very challenging business conditions during economic recessions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position, while exploring opportunities to expand our distribution and manufacturing operations.”
“Our many years of experience in the Florida market, combined with home buyers’ increased need for more affordable housing, should serve the Company well in the coming years,” Trexler said. “Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country.”
That last point is born out by today’s report from the Manufactured Housing Association for Regulatory Reform (MHARR). The report that Florida is the #3 state overall in recent years. It is #2 in the nation so far this year. It is also one of only 2 states that is rising, vs. 8 states that have slipped.
On June 5, 2019 Nobility celebrated its 52nd anniversary in business specializing in the design and production of quality, affordable manufactured homes. With multiple retail sales centers, an insurance agency subsidiary, and an investment in a retirement manufactured home community, we are the only vertically integrated manufactured home company headquartered in Florida.
In closing on this snapshot for this evening before the July 4th national holiday, let’s disclose that we hold no position in this firm or the others tracked. Let’s further note that we held this report to coincide with the May national shipment data. It frankly makes their sales growth performance all the more impressive.
As a final note, as antitrust an regulatory oversight of several industries – including manufactured housing – increases, investing in a firm that lacks those risks could prove to be increasingly prudent.
While others in manufactured housing trade media have continued to be cheerleaders for the Manufactured Housing Institute (MHI) and their ‘big boy’ backers, MHProNews and has pulled back the curtain and fact-checked their respective claims for years. The Daily Business News on MHProNews simply notes that the industry’s so-called ‘leaders’ in Omaha-Knoxville-Arlington are leading the industry…
Newsmax and other media outlets are reporting this evening that there are several retailers forging an alliance to take on Amazon – a company that Berkshire Hathaway reportedly has about a billion dollar stake in, and is involved in factory-built housing and numerous other businesses, and Google.
Yahoo Finance Closing Ticker for MHProNews…
NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.
NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
LCI Industries, Patrick, UFPI and LP all supply manufactured housing.
AMG, CG and TAVFX have investments in manufactured housing related businesses.
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.