Term loan – Kent Tribune http://kenttribune.com/ Mon, 21 Nov 2022 15:06:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenttribune.com/wp-content/uploads/2021/05/icon.png Term loan – Kent Tribune http://kenttribune.com/ 32 32 Oil prices fall despite weak demand outlook and strong US dollar https://kenttribune.com/oil-prices-fall-despite-weak-demand-outlook-and-strong-us-dollar/ Mon, 21 Nov 2022 15:06:00 +0000 https://kenttribune.com/oil-prices-fall-despite-weak-demand-outlook-and-strong-us-dollar/

The energy sector is poised for a lower open, under pressure from weakness in the crude complex and major market futures. U.S. stocks are set to start the holiday-shortened week lower as COVID-19 outbreaks in China heighten fears of slowing growth.

WTI and Brent crudes fell to near two-month lows as traders worried about the demand outlook due to China’s Zero COVID-19 policy and the strong dollar. The number of new COVID cases in China is near April peaks, leading some districts in Beijing to switch to online classes on Monday. Additionally, Guangzhou City ordered a five-day lockdown. The prospect of higher interest rates continues to strengthen the greenback.

Natural gas futures are up this morning amid forecasts of lower than expected temperatures in the New England region. In international news, QatarEnergy has signed a 27-year deal to supply China’s Sinopec with LNG, the longest such LNG deal so far, as market volatility has buyers looking for long-term deals .



Exxon Mobil said its 390,000 barrel per day (bpd) Fawley oil refinery in southern England is unaffected by a strike.


Workers at BP The Rotterdam refinery, which is currently offline, will not help restart operations unless their wage demands are met, union leaders have said.

The Financial Times reported that BP The US boss says Washington’s new climate law will put his green plans in the US ‘on steroids’, even as the oil supermajor says it will expand its shale oil and gas operations in the country .

PB has all but halted fuel production after a serious incident at its Rotterdam refinery, Bloomberg News reported on Friday, adding that workers had also postponed work-to-rule action that began this week.

Reuters reported that Brazilian President-elect Luiz Inacio Lula da Silva this week began talks with candidates for the leadership of an oil company Petrobraspeople familiar with the talks said, kicking off a tough few months for the state-controlled company.

Petrobras informed that the distribution of the second installment of the remuneration to shareholders, approved by the Board of Directors on that date, to be paid on January 19, 2022, in the amount of R$ 1.67445, will be paid as follows: (i ) Dividends: R$ 1.600192 net value per outstanding ordinary and preferred share; (ii) Interest on Equity (IOE): R$0.074258 gross value per ordinary and preferred share outstanding.

Petrobras, regarding the news published in the media on the payment of dividends, clarifies that he is aware of the order of the Minister Rapporteur of the Federal Court of Auditors (TCU) which rejected the injunction sought by the public prosecutor’s office to suspend the payment of dividends approved in 3Q22. Further, through the order, it was determined that due diligence was required to obtain additional information for a final determination on the merits.

Khalifa Economic Zones Abu Dhabi – KEZAD Group, the integrated commercial, logistics and industrial center of Abu Dhabi and a subsidiary of AD Ports Group, announced an agreement with TotalEnergies Renewables Distributed Generation Middle East & Africa, a subsidiary of TotalEnergiesto explore opportunities for solarization of assets in KEZAD’s industrial ecosystem.

The request was made by TotalEnergies SE to the UK Listing Authority and the London Stock Exchange for the admission of 9,130,380 ordinary shares of TotalEnergies SE with a nominal value of 2.50 euros per share, issued on June 8, 2022 in connection with an increase of capital reserved for employees.


No significant news.

E&PS United States

Effective November 17, 2022, Mr. Chad Griffith will no longer serve as Chief Operating Officer of CNX Resources. Also effective November 17, 2022, Mr. Navneet Behl will assume the role of Chief Operating Officer of CNX left vacant by the departure of Mr. Griffith. In his role as COO, Mr. Behl will be responsible for the day-to-day management of the Company’s asset base and the safe, compliant and efficient execution of its operating plan. Immediately prior to his appointment as COO, Mr. Behl, 50, served as Vice President – ​​Engineering at CNX, a role he assumed upon joining the company in 2022.

Societe Generale downgraded Conoco Phillips to sell pending.

Reuters reported that Ranger Oil is exploring a potential sale as the South Texas oil and gas producer seeks to capitalize on high energy prices to pursue strategic options, people familiar with the matter said Friday.


No significant news.


Granite announced that it has been selected as the Construction Manager/General Contractor (CMGC) for the Albion River Bridge Replacement/Rehabilitation Project. Located near Albion, California, the project will be delivered using the CM/GC method, which includes the contractor early in the design process to incorporate the contractor’s perspective into the planning process . This method offers more opportunities for innovation and efficiency than traditional methods of project delivery. The construction portion of the project is expected to be valued between $50 million and $85 million and awarded in 2026.

Halliburton announced that its Board of Directors has declared a fourth quarter 2022 dividend of twelve cents ($0.12) per share on the Company’s common stock payable December 21, 2022 to shareholders of record at the close of business December 8 2022.

KBR announced that it had received a $156.7 million order to support the evaluation and capability enhancements of the U.S. Army’s Utility Helicopter 60 Variants (UH-60V) fleet, providing technologically superior and cost-effective for U.S. and allied forces. KBR was awarded this contract under the Department of Defense Information Analysis Center (DoD IAC) Multiple Award Contract (MAC). These DoD IAC MAC Task Orders are assigned by the USAF 774th Enterprise Sourcing Squadron to develop and create new knowledge for Defense Technical Information Center (DTIC) repository enhancement and research and development and the scientific and technological community.


No significant news.


According to the SEC filing, Delek US Holdings entered into an amended and restated term credit agreement with Wells Fargo Bank, National Association, as administrative agent, the Company, as borrower, and the lenders parties thereto, providing for a $950 million original principal secured senior term loan.


JP Morgan downgraded Plains All American Pipeline LP to neutral overweight.

JP Morgan downgraded Plains GP Holdings LP to neutral overweight.


U.S. stock index futures fell as COVID-19 outbreaks in China added to concerns about slowing growth, while Disney shares surged as investors cheered Bob’s surprise return Iger as general manager. European stocks slid, with economically sensitive sectors like mining and industrials leading the losses. Japanese stock markets edged higher as traders waited for more clarity on the outlook for interest rates. Oil fell as concerns over China’s fuel demand and the strength of the dollar weighed on prices, while gold prices fell.

The Nasdaq Advisory Services Energy Team is part of the Nasdaq Advisory Services, the most experienced team in the industry. The team provides unparalleled shareholder analysis, a comprehensive view of trading and investor activity, and insights on how best to manage investor relations outreach efforts. If you have any questions, please contact Tamar Essner.

This communication and the content found by following any link herein are provided to you by Corporate Solutions, a business of Nasdaq, Inc. and certain of its subsidiaries (collectively, “Nasdaq”), for informational purposes only. Nasdaq makes no representations or warranties with respect to such communication or content and expressly disclaims any implied warranties by law. Sources include Reuters, TR IBES, WSJ, The Financial Times and proprietary Nasdaq research.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Eternity is long to finance anyone https://kenttribune.com/eternity-is-long-to-finance-anyone/ Sat, 19 Nov 2022 05:00:23 +0000 https://kenttribune.com/eternity-is-long-to-finance-anyone/

The author is an FT Contributing Editor

In July 1595, the brothers Francisco and Pedro de Maluenda granted a loan to Philip II, Habsburg king of Castile, Aragon, Naples, Sicily, New Spain, Peru and sometimes England, Ireland , Portugal and the Netherlands. The brothers were financiers, from the Castilian merchant city of Burgos.

The king had obligations all over Europe, but no administrative means to pay them regularly, so he relied on moneylenders like the de Maluendas to do it for him. The loan was a Asian, a short-term deal to make 12 monthly payments to Philip’s army in Lisbon. Philip was to repay the brothers with the arrival of the silver fleet the following year. Instead of waiting for the fleet, however, they exercised a clause that allowed them to pay themselves off at short notice. Asian while selling judges, long-term loans on which the king paid interest. These included a few perpetuals jurors — loans on which the king would pay interest forever.

In October this year, financier George Soros proposed that Rishi Sunak issue perpetual gilts – bonds that pay interest forever. Sunak is only prime minister of England, Scotland, Wales and Northern Ireland, but Soros argued the perpetual would satisfy bewildered institutional investors looking for an asset long-term stable, and it reverted to England’s 1752 Consolidated Loans, also perpetual, as a precedent.

There are plenty of other perpetual bonds — including those sold by the Maluenda brothers — that show just how tricky historical precedents can be. Traditionally, perpetuals had to be funded. That is, they needed a specific, dedicated source of tax revenue to secure the interest. And they haven’t always behaved predictably like long-term bonds. Forever isn’t just over 30 years old. It’s a weird length.

Above all, all judges the de Maluendas sold were financed – interest payments were guaranteed by sales taxes, collected by the towns of Castile. As detailed in a 2018 article by Carlos Álvarez-Nogal and Christophe Chamley, the brothers raised funds by selling judges to 74 Castilian and Genoese investors.

Almost all of them were sold as an annuity on life. The investor has chosen someone, usually a child, and the juro paid 14% while the child—the chief—was still alive. Most investors bought on two heads; they would choose two children, and the juro would pay 12 percent while one was still alive. And only two investors chose the third option, a perpetual juro who only paid 7 percent. The yield curve for these annuities has been inverted. The longer the duration, the lower the yield. And even though the 7% eternity seems like a good deal, hardly anyone took it. Perpetuals were no more securely funded than other annuities, and forever is a long time to trust anyone, even Philip II, king of everything.

We can trace annuities to medieval monasteries, which received grants of land and in return supported them, either in cash or in kind. As historian James Tracy points out, when French towns began to issue rents, they distinguished between life annuities — a life annuity — and heritable annuities, hereditary or perpetual annuities.

A life annuity could be issued on the credit of the city, but a perpetual one needed a bit more security and was usually funded by the income from a specific, named city property. In 2003, Yale University’s Beinecke Library acquired a 1648 perpetual bond from a Dutch water authority that today continues to pay interest. But according to historians Jan de Vries and Ad van der Woude, most Dutch water boards in modern times funded this interest with a dedicated property tax, often as high as state-assessed property taxes. The Dutch created deep and liquid capital markets for sovereign debt, in part because they were particularly inventive with new forms of taxation.

Even the 1752 consols that George Soros mentions as a model for the debt Sunak should now issue were also funded. The various debt issues replaced by the consols had been financed by specific taxes on things the English could not do without: carriages, showcases and above all wines and spirits. When the Exchequer issued its consolations, it kept all of these taxes and put them into a dedicated sinking fund, a dedicated vehicle for paying interest on the consolations and, possibly, redeeming some of them.

The Prime Minister does not seem inclined, so far, to follow Soros’ suggestion. As a financier himself, he might believe that contemporary sovereign debt markets have already found a reasonable compromise between short-term debt rollover and the complexities of eternity. If he’s considering perpetuals, however, he’ll have to think about how to fund them. Perhaps he could ensure comity between his various kingdoms with a sinking fund and a new dedicated tax on whiskey, whiskey and gin.

Flex LNG – Publication of the results for the third quarter of 2022 https://kenttribune.com/flex-lng-publication-of-the-results-for-the-third-quarter-of-2022/ Tue, 15 Nov 2022 06:16:20 +0000 https://kenttribune.com/flex-lng-publication-of-the-results-for-the-third-quarter-of-2022/


November 15, 2022
Hamilton, Bermuda

FlexLNG Ltd. (“Flex LNG” or the “Company”) today announced its unaudited financial results for the nine months ended September 30, 2022.

Strong points:
• Vessel revenue of $91.3 million for the third quarter of 2022, compared to $84.2 million for the second quarter of 2022.
• Net earnings of $46.6 million and basic earnings per share of $0.88 for the third quarter of 2022, compared to net earnings of $44.3 million and basic earnings per share of $0.83 for the second quarter of 2022.
• Average Time Charter Equivalent (“TCE”) rate of $75,941 per day for the third quarter of 2022, compared to $70,707 per day for the second quarter of 2022.
• Adjusted EBITDA1 of $70.9 million for the third quarter of 2022, compared to $66.1 million for the second quarter of 2022.
• Adjusted net income1 of $42.2 million for the third quarter of 2022, compared to $31.6 million for the second quarter of 2022.
• Adjusted and diluted basic earnings per share1 $0.79 for the third quarter of 2022, compared to $0.60 for the second quarter of 2022.
• In September 2022, the Company signed a $150 million term loan facility for the financing of Flex Enterprise.
• In November 2022, the Company received an approved term sheet for a $150 million term loan facility for the refinancing of Flex Resolute.
• In November 2022, the Company received approved credit terms for a $330 million sale-leaseback agreement for the refinancing of Flex Amber and Flex Artemis.
• As of the date of this report, the Company has interest rate swaps based on SOFR and LIBOR with total notional principal amounts of $381 million and $260 million respectively. The weighted average interest rate of the SOFR is 1.32% with a weighted average duration of 5.3 years. While the weighted average LIBOR interest rate is 1.11% with a weighted average duration of 2.6 years.
• The Company declared a dividend for the third quarter of 2022 of $0.75 per share.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“During the third quarter, Flex Enterprise and Flex Amber launched their new agreed seven-year on-time charters in June 2022. Additionally, Flex Aurora was delivered to Cheniere as the fifth and final vessel under the agreement announced in April 2021. As a result, Flex LNG now has 12 LNG carriers on fixed-time lease and one vessel, the Flex Artemis, on variable-time lease. Our first fully open vessel, after charterer options, is in mid 2026 with three more vessels opening in 2027. Today with 2027 the first newbuild delivery window and newbuild prices of approximately $250 million, so we are optimistic about the prospects of renewing our vessels at attractive levels, adding additional backlog to the company.

For the third quarter, revenue was $91 million, in line with previous guidance of around $90 million. Net income was $47 million, or $0.88 per share. For the first nine months of 2022, total net income is $147 million, fueled by gains of $75 million on interest rate derivatives as we were ahead of the curve in locking in rates long-term interest rates at very attractive levels before the Federal Reserve starts raising rates. . Adjusted net income, where unrealized gains on derivatives and one-time items are eliminated, was $42 million, or $0.79 per share for the quarter.

Following the completion of phase 1 of balance sheet optimization in July, during which we raised $137 million in fresh cash by refinancing six of our vessels, we announced phase 2 of our optimization program of the balance sheet. As part of Phase 2, we will optimize financing for the remaining seven vessels in the fleet with the aim of increasing our cash position by an additional $100 million while improving our overall financing terms. We have now secured the refinancing of four of the seven vessels with net proceeds of $110 million. We are therefore already ahead of the $100 million target and expect the cash release to continue to increase as we also make good progress in refinancing the remaining three vessels. In total, we now expect the balance sheet optimization program to free up at least $300 million in cash. Our cash position is already at a healthy level of $271 million at the end of the quarter, so we expect this number to increase as we complete these refinancings.

Given the strength of the freight market, our large order backlog and our extremely solid financial situation, we are therefore pleased to declare today an ordinary quarterly dividend of $0.75 per share, which should provide our shareholders an attractive return of around 10%.

Presentation of the results for the third quarter of 2022
Flex LNG will release its third quarter 2022 financial results on Tuesday, November 15, 2022.

As part of the results release, a video webcast will take place at 3:00 p.m. CET (9:00 a.m. EST). To attend the webcast, use the following link: events.webcast.no/viewer-registration/AFsFIAbO/register

A Q&A session will take place after the conference/webcast. Information on how to submit questions will be given at the beginning of the session.

Alongside the quarterly results, we released a short video in which Øystein Kalleklev, CEO of Flex LNG, discusses the highlights of the third quarter. The video is accessible via the following link:

The presentation material that will be used in the conference/webcast can be downloaded from www.flexlng.com and replay details will also be available on this website.

For more information, please contact:
Mr. Knut Traaholt, Finance Director of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com

This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.

Forward-looking statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, that are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “expect”, “plan”, “anticipate”, “estimate”, “intend”, “plan”, “possible”, “potential”, “pending”, ” target”, “project”, “likely”, “may”, “will”, “should”, “could” and similar expressions identify forward-looking statements.

The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, management’s review of operating trends historical information, data contained in company records and other data available from third parties. Although management believes that these assumptions were reasonable when made, since these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and which are beyond the Company’s control, nothing guarantees that the Company will achieve or achieve these expectations. , beliefs or projections. As such, these forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically disclaims any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each of these factors on our business or the extent to which any one factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking statements.

In addition to these important factors, other important factors that the Company believes could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures , the strength of global economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG carrier market, the impact of threats to the public health and outbreaks of other highly communicable diseases, including the duration and severity of the COVID-19 outbreak and its impact on the LNG carrier market, the evolution of the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, energy efficiency of the Company’s vessels, market for the Company’s vessels, availability of finance and refinance ments, the ability to meet covenants in such financing agreements, the inability of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those which may limit the commercial life of LNG carriers, increasing customer focus on environmental and safety concerns, potential liability from pending or future litigation, general national and international political conditions or events, including the recent conflict between Russia and Ukraine, trade disruptions, including supply chain disruption and congestion, due to natural or other or other disasters, potential physical disruption of shipping routes due to accidents, incidents related to climate or political events, ship breakdowns and cases of e non-lease, and other factors, including those that may be described from time to time in reports and other documents the Company files with or furnishes to the United States Securities and Exchange Commission (“Other Reports”) . For a fuller discussion of some of these and other risks and uncertainties associated with the Company, please refer to Other Reports.

(1) Time Charter Equivalent Rate, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. A reconciliation to the most directly comparable GAAP measure is included at the end of this earnings report.


Apply for a car loan? It’s complicated right now https://kenttribune.com/apply-for-a-car-loan-its-complicated-right-now/ Fri, 11 Nov 2022 18:16:23 +0000 https://kenttribune.com/apply-for-a-car-loan-its-complicated-right-now/
Auto credit rose for a second consecutive month in October, but the news was not all good news for borrowers.

The Dealertrack Credit Availability Index, a product of Kelley Blue Book’s parent company, Cox Automotive, measures how difficult it is to qualify for all types of auto loans. The index rose 0.2% in October, meaning auto credit was slightly easier to obtain than in September.

Access to credit eased for all types of lenders in October. Banks eased the most, while auto-focused finance companies eased the least. Lenders also issued more subprime loans than they had in September.

But more applicants were turned down. The approval rate fell to its lowest level since 2020, and the share of longer-term loans also fell.

Longer loan terms may give buyers a lower payment, but the result will keep them in debt for an extended period. It will also put them in debt on an aging car with less value.

Lenders also demanded larger down payments in October than the previous month.

The Federal Reserve decreed an interest rate hike at the beginning of November which could further shake up the auto credit market. Cox Automotive senior economist Jonathan Smoke warned that repeated interest rates increase the risk of making new cars something only the wealthy can afford.

Consumers have yet to get the message. The Conference Board’s Consumer Confidence Index survey shows the highest number of Americans planning to buy a new vehicle in the next six months since July 2020.

But they’ll need a higher down payment, higher monthly payments, and a higher credit score to do so.

Morning Consult’s daily consumer sentiment index fell 2.7% in October as underlying measures of current conditions and future expectations declined. Stock market volatility and midterm election rhetoric likely weighed on the declines.

LCI Industries Q3 sales, revenue down slightly – RVBusiness https://kenttribune.com/lci-industries-q3-sales-revenue-down-slightly-rvbusiness/ Tue, 01 Nov 2022 11:48:54 +0000 https://kenttribune.com/lci-industries-q3-sales-revenue-down-slightly-rvbusiness/

ELKHART, Ind – LCI Industries (NYSE: LCII) which, through its wholly owned subsidiary, Lippert Components Inc. supplies a wide range of highly engineered components for major original equipment manufacturers in the automotive markets. leisure and transportation products, and the related secondary markets of these industries, today (November 1) announced results for the third quarter of 2022.

Third Quarter 2022 Highlights

  • Net sales of $1.1 billion in the third quarter, down $33.2 million, or 3%, year over year
  • Net income of $61.4 million, or $2.40 per diluted share, in the third quarter, down $2.0 million, or 3%, year over year
  • EBITDA of $119.8 million, up $1.9 million, or 2%, year over year
  • Quarterly dividend of $1.05 per share paid totaling $26.7 million in the third quarter

North American RV OEM (56% of last twelve months net sales)

  • Net sales of $541.2 million in the third quarter, down $85.3 million, or 14%, year over year, due to an almost 40% decline in shipments in industry wholesale
  • Content per trailer and fifth wheel for the twelve months ended September 30, 2022 increased 55% year over year to a record $5,853

North American OEM of adjacent industries (21% of last twelve months net sales)

  • Net sales of $295.2 million in the third quarter, up $48.6 million, or 20%, year-over-year
  • North American marine OEM net sales of $125.1 million, up 22% year-over-year
  • Content per powerboat for the twelve months ended September 30, 2022 increased 46% year-over-year to $1,792

North American secondary market (16% of last twelve months net sales)

  • Net sales of $203.1 million in the third quarter, down $1.5 million, or 1%, year over year
  • Lower automotive aftermarket sales largely offset by strong recreational vehicle aftermarket sales

International Industries (7% of turnover for the last twelve months)

  • Net sales of $92.6 million in the third quarter, up $5.0 million, or 6%, year over year

Jason Lippert

“Our results continue to demonstrate the effectiveness of our diversification strategy, which has positioned Lippert to maintain strong performance during a decline in RV demand. During the third quarter, we generated growth in adjacent markets and leveraged our flexible cost structure to support profitability as the RV industry adjusts to declining consumer demand and macroeconomic uncertainty,” commented Jason Lippert, President and CEO of LCI Industries .

“The operational improvements we’ve implemented over the past few years have allowed us to deftly balance capacity while maintaining our product quality, as wholesale VR production is expected to remain subdued in the near term. Other key end markets, including marine, motor homes, manufactured homes, powersports and the RV aftermarket, continued to perform well, helping our overall business more effectively than if it were solely focused on the RV market. We remain confident in the underlying secular trends that are fueling the popularity of the outdoor lifestyle and will continue to invest in innovation across our portfolio to capture demand for technologically sophisticated products,” Lippert continued. . “With our strong and cohesive culture guided by our experienced management team, we believe we are well positioned to manage a challenging economic environment to drive our business forward and drive long-term shareholder value.”

“The operational strength demonstrated by our teams has been essential in supporting our performance this quarter. We look forward to building on this momentum as we continue to collaborate with our customers while making progress on strategic priorities,” commented Ryan Smith, Group President – ​​North America.

Third quarter 2022 results

Consolidated net sales for the third quarter of 2022 were $1.1 billion, down 3% from third quarter 2021 net sales of $1.2 billion. Net income in the third quarter of 2022 was $61.4 million, or $2.40 per diluted share, compared to net income of $63.4 million, or $2.49 per diluted share, in the third quarter of 2021 EBITDA in the third quarter of 2022 was $119.8 million, compared to EBITDA of $118.0 million in the third quarter of 2021. Additional information regarding EBITDA, as well as a reconciliation of this financial measure non-GAAP measures with the most directly comparable GAAP financial measure, are provided in the “Additional Information – Reconciliation of -GAAP Measures” below.

Lower year-over-year net sales for the third quarter of 2022 were primarily due to lower wholesale RV shipments in North America, partially offset by price realization, acquisitions and an increase in net sales to OEMs of adjacent industries. Net sales from acquisitions made during the twelve months ended September 30, 2022 contributed approximately $39 million in the third quarter of 2022.

Average company product content per trailer and fifth wheel for the twelve months ended September 30, 2022 increased by $2,067 to $5,853 compared to $3,786 for the twelve months ended September 30, 2021 The increase in trailer content was primarily the result of organic growth, including pricing and new product launches, market share gains and acquisitions.

Results October 2022

Consolidated net sales for October 2022 were approximately $345 million, down 24% from October 2021, demonstrating positive trends as the company enters the final quarter of 2022, reflecting the efforts of diversification that help offset the deceleration of RV production in North America.

Income taxes

The Company’s effective tax rate was 23.9% for the three months ended September 30, 2022, compared to 24.8% for the three months ended September 30, 2021. The decrease in the effective tax rate is primarily due to the settlement of uncertain tax positions, partially offset by a decrease in life insurance cash value.

Balance sheet and other elements

As of September 30, 2022, the Company’s cash and cash equivalents balance was $23.4 million, compared to $62.9 million as of December 31, 2021. The Company used $103.7 million to capital expenditures, $76.3 million for dividend payments to shareholders and $55.7 million for acquisitions in the nine months ended September 30, 2022. The company also made net repayments of 156 $.1 million under its revolving credit facility and $65.9 million in repayments under its interim loan, term loan and other borrowings during the nine-month period ended September 30, 2022.

The company’s long-term debt outstanding, including current maturities, was $1.1 billion as of September 30, 2022, and the company remained in compliance with its debt covenants. The Company believes that its current liquidity is sufficient to meet operating requirements for the foreseeable future.

Conference call and webcast

LCI Industries will host a conference call to discuss its third quarter results on Tuesday, November 1, 2022 at 8:30 a.m. Eastern Time, accessible by dialing (844) 200-6205 for participants in the United States and ( 226) 828-7575 for those in Canada or (929) 526-1599 for participants outside the US/Canada using the required conference ID 464745. 15 minutes when connecting to the call . In addition, a real-time online webcast, along with an additional earnings presentation, is available on the company’s website, www.investors.lci1.com.

A replay of the conference call will be available for two weeks by dialing (929) 458-6194 for participants in the United States and (226) 828-7578 for those in Canada or (204) 525-0658 for participants outside the USA/Canada. and referencing passcode 932786. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

How student borrowers need to plan in light of all the confusion https://kenttribune.com/how-student-borrowers-need-to-plan-in-light-of-all-the-confusion/ Fri, 28 Oct 2022 11:06:33 +0000 https://kenttribune.com/how-student-borrowers-need-to-plan-in-light-of-all-the-confusion/

In about two months, millions of consumers who have borrowed for federal student loans will have to dig a little deeper into their pockets to cover another bill of $150 to $300 a month or maybe even more, depending on what they must.

Where will they find the money?

Often people get into financial trouble because they don’t plan for the unexpected, but chances are many aren’t preparing for what’s to come next year either.

Right now, many consumers should be calculating how they’ll put more money back in 2023 after the payment pause ends on most federal student loans in December. Payments – which have not been demanded for nearly three years – are expected to resume in January.