RV Business

RV Electricity’s Mike Sokol and RV-PHD’s Chris Dougherty are teaming up for a special live podcast event, “Don’t Buy This Junk” at 7 p.m., today. The entertaining and informative podcast will discuss must-avoid products for RV enthusiasts, saving RVers from costly, ineffective and possibly even dangerous products. Join these industry veterans as they provide expert advice and answer your questions LIVE.

To tune in, go to https://www.youtube.com/watch?v=zUTYRaHsCBM

The post RV Experts Dougherty, Sokol Host Livestream Show Tonight first appeared on RVBusiness - Breaking RV Industry News.

Sunset Park RV, located in Shipshewana, Ind., announces the promotions of two key team members. Larry Kuhns has been appointed as the new CEO, bringing extensive experience in daily operations to his leadership role. Johnny Yoder, the executive vice president, expressed his enthusiasm for Kuhns’ new position, according to a release.

Additionally, Jason Howard, an experienced industry professional, has been promoted to vice president of sales and marketing, where he will oversee sales, marketing, and product development initiatives. Yoder emphasized the important contributions Howard will make in steering these areas moving forward.

The post Sunset Park RV Announces Promotions for Kuhn, Howard first appeared on RVBusiness - Breaking RV Industry News.

The founder and president of Black Folks Camp Too, Earl B. Hunter Jr. joins Rick Kessler and Chris Cieto of RVBusiness in this episode of SupplySide Showcase. Hunter, who lives in Western North Carolina, says the Hurricane Helene relief efforts are ongoing, but more help and support is needed. In addition, Hunter tells us the latest goings on with Black Folks Camp Too, a five-year-old organization that strives to make the camping lifestyle is more inclusive to people of every race, ethnicity and age.

Resources for Hurricane Relief Efforts for campgrounds, RV parks and RV dealerships:

• OHI Foundation – The campground industry’s leading trade organization has a $200,000 fundraising goal to help campgrounds and RV parks affected by the hurricanes. To donate, visit: https://ohi.org/ohi-foundation/

• The RV Dealership Employee Emergency Relief Program – The RV Dealership Employee Emergency Relief Program A joint initiative between the Ron & Lisa Fenech Family Foundation and the Mike Molino RV Learning Center, this program is designed to provide financial assistance to RV dealership employees experiencing hardship due to natural disasters and other catastrophic events that lead to major expense or loss of income. For more information, visit: https://www.rvda.org/RVLearning/RV_Dealership_Employee_Emergency_Relief_Program.aspx

This episode of the RVBusiness SupplySide video series is sponsored by Lightspeed.

The post SupplySide: Earl B. Hunter Jr. Discusses Hurricane Aftermath first appeared on RVBusiness - Breaking RV Industry News.

ELKHART, Ind. – Encore RV recently debuted a unique, custom-built adventure trailer at the Elkhart RV Open House. Based on its popular RŎG 12RK model, the “Fighter Pilot Edition” stands out with a striking design reminiscent of a World War II fighter plane, according to a release. The trailer’s exterior, which many mistook for a vinyl wrap, is actually a meticulously airbrushed paint job, expertly crafted by Mike Depositar of Depositar Auto Body in Granger, Indiana.

This one-of-a-kind paintwork features thousands of airbrushed rivets and intricate weathering techniques, giving the trailer an authentic, vintage military appearance. The level of detail involved made the process both time-consuming and precise, setting this trailer apart as a true work of art.

In addition to the custom paint job, the Fighter Pilot Edition boasts a range of advanced features powered by REDARC technology. The trailer is equipped with a 75-amp Alpha Battery Management System, the Rogue power control system, a RedVision color display control panel, a 2000-watt REDARC Pure Sine Wave Inverter, a 180-watt monocrystalline solar panel, a 240-watt portable solar blanket, and three top-tier Alpha 150 12V Lithium Batteries, providing a total of 450 amp hours of power. All systems can be controlled either through the RedVision display or via a Bluetooth app on your smartphone.

Further enhancing its comfort and functionality, the trailer includes a Levit 12V roof-mounted air conditioner, a custom-designed futon mattress, armrests, and pillows provided by REM Industries of Wakarusa, Ind. Encore RV also outfitted the trailer with a variety of custom accessories, available through their aftermarket, designed specifically for their product lineup.

When asked about the inspiration behind the project, Encore RV founder Rich Schnippel said, “This was the perfect opportunity for us to create something beyond the ordinary and give our dealers a chance to acquire a truly special trailer at a fraction of its actual build cost.” For every trailer ordered during the Open House, dealers were entered into a raffle for a chance to win the Fighter Pilot Edition.

The winning dealer, Southland RV of Georgia, with locations in Norcross, Savannah, and LaGrange, plans to showcase the trailer at the Atlanta Camping & RV Show from January 23-26, 2024. Those interested in learning more about the RŎG Fighter Pilot Edition can contact Southland RV at (770) 717-2890.

Founded in 2021, Encore RV manufactures three distinct lines of trailers: RŎG, VENŪ, and the newly launched Revue, which features their patent-pending Core-Lite Construction. Committed to quality, Encore RV products are 100% wood-free and built on all-aluminum chassis and frames. For more information, visit www.encore-rv.com.

The post Encore RV Unveils New ‘Fighter Pilot Edition’ Travel Trailer first appeared on RVBusiness - Breaking RV Industry News.

The inaugural edition of the RVBusiness Dealer Guide is now available at RVBusiness.com. Featuring content dedicated to dealership operations such as training and certification, succession planning and F&I tips and advice, the Dealer Guide was produced in partnership with the RV Dealers Association and the RV Technical Institute and sponsored by Wells Fargo DF and Thetford Corp.

Click here or on the cover image to be taken to the digital edition of this issue.

The post RVB’s ‘2024 Dealer Guide’ Special Issue is Now Available first appeared on RVBusiness - Breaking RV Industry News.

ANTIOCH, Tenn. – LKQ Corporation (Nasdaq: LKQ), the parent Keystone Automotive and its NTP-STAG RV aftermarket distribution division, today reported third quarter 2024 financial results.

“Our third quarter results reflect softer overall volumes, which underscore the importance of executing on our strategic transformation discussed at our September investor day,” Justin Jude, president and chief executive officer, stated in a release. “Our focus on managing our operating expenses is critically important, especially in a period when the top line is facing uncontrollable market headwinds. The agility of the LKQ team was again validated by the growth witnessed in adjusted diluted earnings per share and overall Segment EBITDA margin relative to the prior year. We remain confident in the long-term earnings potential of our businesses as we navigate short-term industry dynamics and a difficult macro-economic environment that will continue to affect the business in the fourth quarter.”

Third Quarter 2024 Financial Results

Revenue for the third quarter of 2024 was $3.6 billion, an increase of 0.5% compared to $3.6 billion for the third quarter of 2023. Parts and services organic revenue decreased 2.8% (4.3% decrease on a per day basis), the net impact of acquisitions and divestitures increased revenue by 3.1%, and foreign exchange rates increased revenue by 0.4% year over year, for a total parts and services revenue increase of 0.6%. Other revenue fell 2.2% primarily due to lower commodities prices and volumes relative to the same period in 2023.

Net income² was $191 million compared to $207 million for the same period of 2023. Diluted earnings per share² was $0.73 compared to $0.77 for the same period of 2023, a decrease of 5.2%.

On an adjusted basis, net income^1,2 was $230 million compared to $231 million for the same period of 2023, a decrease of 0.3%. Adjusted diluted earnings per share^1,2 was $0.88 compared to $0.86 for the same period of 2023, an increase of 2.3%.

⁽¹⁾ Non-GAAP measure. See the table accompanying this release that reconciles the actual or forecasted U.S. GAAP measure to the actual or forecasted adjusted measure, which is non-GAAP.
⁽²⁾ References in this release to Net income and Diluted earnings per share, and the corresponding adjusted figures, reflect amounts from continuing operations attributable to LKQ stockholders.

Cash Flow and Balance Sheet

Cash flow from operations and free cash flow¹ were $420 million and $341 million, respectively, for the third quarter of 2024. Cash flow from operations and free cash flow¹ were $886 million and $661 million, respectively, for the nine months ended September 30, 2024. As of September 30, 2024, the balance sheet reflected total debt of $4.4 billion and total leverage, as defined in our credit facility, was 2.4x EBITDA.

Stock Repurchase and Dividend Programs

During the third quarter of 2024, the Company returned over $200 million to its shareholders by investing approximately $125 million to repurchase 3.0 million shares of its common stock and distributing $79 million in cash dividends. For the nine months ended September 30, 2024, the Company has repurchased 6.5 million shares of its common stock for $280 million, and since initiating the stock repurchase program in late October 2018, the Company has repurchased approximately 62 million shares of its common stock for a total of $2.7 billion through September 30, 2024. As of September 30, 2024, there was $796 million remaining on the authorization.

On October 22, 2024 the Board of Directors authorized a $1 billion increase to the stock repurchase program, raising the aggregate authorization to $4.5 billion and thus making available an aggregate balance of $1.8 billion for potential additional repurchases through October 25, 2026.

On October 22, 2024, the Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock, payable on November 27, 2024, to stockholders of record at the close of business on November 14, 2024.

Other Events

In July 2024, we divested our operations in Poland to Mekonomen, and we closed on the divestiture of our Bosnia operations in September 2024. Terms of the transactions were not disclosed.

2024 Outlook

“The revenue headwinds we experienced across our global operations have been more impactful than projected in our prior guidance, and we currently do not expect these headwinds to abate in the fourth quarter. While our cost actions and synergy realization have boosted profitability, the benefits from these actions are not expected to offset the full impact of the lower revenue expectation in the fourth quarter,” stated Rick Galloway, Senior Vice President and Chief Financial Officer. “We are holding our prior cash flow guidance despite the decrease in profitability as we expect to mitigate the impact through working capital and capital expenditure management.”

The post NTP-STAG Parent Reports on Q3; $1B Stock Repurchase first appeared on RVBusiness - Breaking RV Industry News.

NOVI, Mich. – The Shyft Group Inc. (NASDAQ: SHYF), a North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the third quarter ending Sept. 30.

Third Quarter 2024 Financial Highlights           
For the third quarter of 2024 compared to the third quarter of 2023: 

• Sales of $194.1 million, a decrease of $7.2 million, or 3.6%, from $201.3 million
• Net income of $3.1 million, or $0.09 per share, compared to $4.5 million, or $0.13 per share; third quarter 2023 net income included a tax benefit of $2.0 million, primarily due to favorable adjustments for R&D tax credits
• Adjusted EBITDA of $14.3 million, or 7.4% of sales, an increase of $3.3 million, from $11.0 million, or 5.5% of sales; results include $6.1 million of EV program related costs versus $7.6 million in the prior year
• Adjusted net income of $6.1 million, or $0.18 per share, compared to $6.7 million, or $0.19 per share in the third quarter of 2023
• Consolidated backlog¹ of $345.4 million as of September 30, 2024, down $119.0 million, or 25.6%, compared to $464.4 million as of September 30, 2023

“We are improving performance by the execution of our operational framework as we achieved adjusted EBITDA growth of 31% year-over-year. The Shyft team is highly engaged in driving operational and commercial improvements and we are seeing it in our results,” said John Dunn, President and CEO.

2024 Financial Outlook
“In the quarter, Shyft delivered improved financial results while progressing key strategic initiatives, including the acquisition and initial integration of Independent Truck Upfitters. Our balance sheet remains solid as we achieved net leverage of 2.2x, which was meaningfully below our expectations for the third quarter. Based on our expected fourth quarter performance, we anticipate further improvement of our balance sheet and liquidity as we enter 2025, providing flexibility to invest capital going forward,” said Jon Douyard, Chief Financial Officer.

Full-year 2024 outlook, notwithstanding further changes in the operating environment, is as follows:

• Sales of approximately $800 million; Assumes no Blue Arc EV revenue
• Adjusted EBITDA of $45 to $50 million, including EV spending of $20 to $25 million
• Net income of $2.6 to $6.9 million, with an income tax rate of approximately 20%
• Earnings per share of $0.07 to $0.20
• Adjusted earnings per share of $0.35 to $0.50
• Capital expenditures of $15 to $20 million
• Free cash flow of approximately $30 million

Dunn concluded, “Our team is committed to meeting our financial goals for the year and maintaining financial strength heading into 2025. As we integrate ITU and start Blue Arc production, the team is energized by Shyft’s future growth prospects and opportunities to deliver value through a one Shyft mindset. Overall, while the operating environment is highly dynamic, Shyft is well positioned to grow profitably as end-markets turn more positive.”

Conference Call and Webcast Information
The Shyft Group will host a conference call at 8:30 a.m. ET today to discuss these results and current business trends. The conference call and webcast will be available via:
Webcast: https://theshyftgroup.com/investor-relations/webcasts/
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591 (international)

The post The Shyft Group Releases Q3 2024 Results; Sales Off 3.6% first appeared on RVBusiness - Breaking RV Industry News.

RVing in New England,” the weekly Facebook Live show hosted by the New England RV Dealers Association (NERVDA), this week features a “virtual campfire.”

“The Fall in New England is a spectacular time to go camping.  So we’ll pretend we are all around a virtual campfire and talking about all the great things you will be doing this year as you close out the camping season.  Grab you favorite beverage for your campfire, get together with RVing family members and friends and bring a few good stories with you.  We’ve given you some of the topics we will be discussing with our fans,” the hosts shared.

Co-hosted by Bob Zagami and John DiPietro, tonight’s show airs at 7 p.m. ET.

The post ‘RVing in New England’ this Week Features ‘Virtual Campfire’ first appeared on RVBusiness - Breaking RV Industry News.

PHOENIX, Ariz. – Toy Storage Nation (TSN) invites entrepreneurial opportunists to embark on a blazing future in the RV and boat storage industry by attending the TSN Executive Workshop Dec. 6 in Phoenix. 

The one-day immersive workshop is designed to give developers, operators, owners and investors the knowledge and tools they need to advance their expertise and profit in this unique asset within the hugely successful self-storage class. 

Research indicates that more than five times the current supply is needed to fill a huge void in professional storage of RVs, boats, campers, classic cars, ATVs and other oversized outdoor-rec vehicles. This opportunity grows as consumers continue purchasing high-priced, oversized toys while HOAs clamp down harder on storing them in backyards and driveways. Even more encouraging: Industry experts believe that the toy storage industry is where self-storage was 25-30 years ago, before facilities began popping up everywhere across the map. 

TSN Workshop attendees are guided through every step of the development, management and investing process, learning from industry pioneers to:

• Pinpoint the perfect RV storage site,
• Conduct a comprehensive feasibility study,
• Calculate unit sizes and mix,
• Identify lenders,
• Invest for the highest ROI, and more.

“This industry is exploding with opportunities for anyone interested in creating their own profitable niche in RV and boat storage,” says TSN President Amy Bix. “Toy Storage Nation prides itself on giving attendees the most reliable tools needed for successfully developing, operating, owning and investing in this scalding-hot market!

“Very few areas in the nation are equipped to meet the growing storage demand for rec vehicles,” Bix continues. “This is the only workshop in the nation designed to help attendees identify where to build and how to design the most suitable site to maximize investment.”

Registration is limited to first come, first served. For more details and to register, visit: https://web.cvent.com/event/e5dd5e7d-41a9-4e66-9907-8097260ab993/summary.

The post Toy Storage Nation Planning to Host Workshop in Phoenix first appeared on RVBusiness - Breaking RV Industry News.

The countdown is on for the Outdoor Hospitality Conference & Expo (OHCE2024), and this year’s event will be more than just a learning experience, it’ll be an opportunity to connect with fellow professionals from across the Outdoor Hospitality Industry, according to a release. Held in Oklahoma City from Nov. 4-6, 2024, OHCE2024 is set to deliver a full line up of networking events meant to encourage connections, whether you’re attending for the first time or you’re an OHCE veteran. 

Monday starts bright and early, so OHI encourages a Sunday afternoon arrival. If you find yourself wanting for conversation, camaraderie, and dinner plans Sunday evening, kick-off your OHCE at the Meet, Greet, and Go!, an informal 30 minute meet up to find a crew and head to dinner together. Team OHI will be facilitating and offering the best suggestions for dinner in OKC.  

Each morning, OHCE2024 will begin with our “O-hi! Coffee Conversations,” welcoming and informal meet-ups designed for early risers. It’s a perfect way to start your day, especially for first-time attendees looking to break the ice. And for those who’ve been part of OHI’s monthly virtual Coffee Conversations, this is your chance to finally meet face-to-face. Nothing pairs better with networking than a fresh cup of coffee. 

The spotlight turns to our revamped Campfire Sessions (previously known as “Cracker Barrels”), which offer an open forum for sharing ideas and solving problems. The initial Campfire Sessions will be sectored off into specific park sizes, allowing Small Parks, Medium Parks, Large/Mega Parks, and Multi-Park Owners their own forum to dive into issues relevant to their operations. Later on in the conference, the conversations will open up to broader topics like park expansion, wastewater management, and the role of amenities in driving business success.  

For the upcoming generations of industry leaders, the OHI Young Professionals Annual Meeting is a must-attend event. Open to attendees ages 18-40, this meeting is all about building a strong community of young professionals eager to grow and make their mark in the Outdoor Hospitality Industry. This is your opportunity to take an active role in shaping the future of outdoor hospitality. 

Then it’s time to don your park gear Monday evening at the Camp OHI Welcome Reception! Don your best park gear and get ready to relive the best parts of summer camp, but with a grown-up twist. Camp OHI is an interactive networking event, but it’s also the best parts of camp right in OKC. Get ready to make new friends and keep the old, chow down on some better-than-camp-cafeterias-ever-could food, send postcards home from camp, and compete in the camp-style crafts and activities (pickleball of course is included).Plus we’ll be hosting our first annual Swag Swap! Bring your favorite camp merch and leave with some of the same.  

Of course, no trip to OHCE2024 is complete without a visit to the Expo Floor. The award-winning Expo Floor. This year’s expo is chock-full of the latest goods and services for outdoor hospitality businesses. Meet the exhibitors, explore the OHI booth, and dive into Fireside Chats or check out the Activity Center for hands-on experiences. The expo floor is designed for discovery and networking, and with snacks available throughout, you’ll have all the energy you need. 

As the conference winds down, get ready to celebrate another successful year and hit the dance floor at Wednesday Night Fever: the vibrant disco-themed closing reception. Bell bottoms and bold prints? Sequins and sparkles? Farrah Fawcett blowouts and Burt Reynolds mustaches? All are welcome at Wednesday Night Fever! Pack your grooviest threads, and come disco the night away as we close out OHCE on Wednesday night at the Jones Assembly. Dinner and drinks are on us, but the disco is on you. All you need to do is show up ready to boogie and send OHCE out with some funk. Let loose and have some fun while connecting one last time. With throwback tunes, great food and drinks, and all the disco gear, this is the perfect send-off. 

At OHCE2024, networking can happen anywhere, not just during these structured events. Whether you’re grabbing breakfast or in between breakout sessions, there’s always a chance to strike up a conversation. You never know who you’ll meet and where it’ll lead. OHCE®2024’s networking events are carefully designed to help you meet the right people and build relationships that will last well beyond the conference. 

Register for OHCE®2024 at ohi.org/event/ohce and don’t miss your opportunities for important connection. 

The post Grow Campground Connections at OHI’s OHCE2024  first appeared on RVBusiness - Breaking RV Industry News.