Installed Building Products’ earnings for the current year are expected to grow 9.7% year over year.Īegion’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters, with the average surprise being 91%. Owens Corning’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, with the average surprise being 63.8%. You can see the complete list of today’s Zacks #1 Rank stocks here. IBP and Aegion Corporation (AEGN), each sporting a Zacks Rank #1. Other top-ranked stocks in the same space include Owens Corning Inc. With increased visibility in four primary end markets, the company believes that it will have opportunities to invest strategically in acquisitions and the existing businesses to support the growth of OEM customers.
Notably, shares of this Zacks Rank #1 (Strong Buy) company have gained 64.6% in the past year, outperforming the industry’s 31.1% rally. The company expects this momentum to continue in the second half of 2020. MH markets benefited from an increase in interest from new consumers, in addition to those already in the retail pipeline. Nonetheless, the company witnessed higher demand during the latter half of the second quarter in the RV and marine segments. Resultantly, Patrick’s second-quarter performance was hurt by business disruption in its end markets related to the COVID-19 pandemic. However, the RV industry experienced a five-week production shutdown due to the COVID-19 outbreak, while various marine OEMs had production shutdowns ranging from one to five weeks. It also acquired SEI Manufacturing, Inc., a Cromwell, IN-based manufacturer of towers, T-Tops,hardtops, rails, gates and other aluminum exterior products for the marine market. It acquired Maple City Woodworking Corporation, a Goshen, IN-based manufacturer of hardwood cabinet doors and fascia for the recreational vehicle market. The company did not make any acquisitions in second-quarter 2020 but completed three buyouts in the first six months of 2020. To complement or expand the existing businesses, Patrick focuses on driving growth in each of its primary markets through the acquisition of companies that are a strategic fit for core businesses, additional product lines, facilities, or other assets. Patrick expects the acquisition to be immediately accretive to net income per share. Synergy's 2019 revenues were $46 million. Patrick will continue to operate Synergy on a stand-alone basis under its brand name in the existing facilities and transport yards. The acquisition includes working capital, machinery, equipment and real estate. This buyout is an attractive growth opportunity for Patrick that will enable the company to expand the RV transport platform and network.
#Synergy rv transport drivers#
It utilizes independently contracted drivers to haul towable/flatbed and motorized RVs from RV OEM plants to dealer lots throughout the continental United States.
Synergy has a diverse customer base, which includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses. However, financial terms of the deal are not yet disclosed. PATK has acquired Synergy RV Transport, a Goshen, IN-based transportation and logistics service provider, mainly for original equipment manufacturers (OEMs) as well as dealers in the recreational vehicle market. Patrick plans to continue to operate Synergy on a stand-alone basis under its brand name in existing facilities.Patrick Industries, Inc. Patrick shares the same vision of striving to provide superior service with a customer-first approach and will help us to continue to expand our business with our existing customers as well as new dealers and manufacturers.” “Patrick is a great fit for our team, operation and customers, and will be a valued resource in support of the further growth of the Synergy brand. Synergy co-founders Kyle Newcomer and Ben Brunner say this is the right move for their company. This acquisition represents an attractive growth opportunity that will allow us to partner with the Synergy team to continue to expand our RV transport platform and network.” “Its success has been built around a customer-centric focus and its ability to serve as a one-stop-shop. “Synergy is a leading transportation service provider and supply chain partner for its diverse customer base, which includes manufacturers and dealers ranging from nationally known brands to growing mid-size businesses,” said Andy Nemeth, President and Chief Executive Officer of Patrick. Patrick says the acquisition includes working capital and other assets. Financial terms of the deal were not disclosed. (Nasdaq: PATK) has completed its acquisition of Synergy RV Transport in Goshen.
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