Shares of Lumber Liquidators take a tumble
Share prices of Lumber Liquidators took a dive Thursday, after the Toano, Va.-based company lowered its earnings and revenue forecasts.
The company announced that it expects earnings of 18 cents to 20 cents per share for the second quarter, down from 32 cents in the same quarter last year. Net sales for the full year are now expected in the range of $670 million to $700 million, down from a previous range of $700 million to $730 million.
The share price of the hardwood floor retailer ended Thursday at $18.32, down 28.6% on the day.
In a prepared statement, Lumber Liquidators president Jeffrey Griffiths said: “Our second-quarter net sales were weaker than expected as we believe value-conscious consumers became more price sensitive and cautious in their discretionary spending." He said pressures challenging large-ticket purchases may continue to be volatile into the second half of the year.
The company will release its full second-quarter results on July 26.
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Member Insurance Agency names new CEO
Member Insurance Agency, a supplier of insurance policies to independent hardware stories, LBM dealers, garden centers, co-ops and other retail organizations, has named Scott Reynolds as its new CEO and president.
Until recently, Reynolds was president of United National Group, a specialty insurance company. Prior to United National, Reynolds served as president of the Specialty Underwriting Division of AmWINS Group Inc., overseeing its program business from 2006 to 2008. Altogether, Reynolds has 25 years of experience in the insurance industry.
John Fix, owner of Cornell’s True Value and chairman of the board of directors of Member Insurance Agency, said: “We look forward to Scott’s leadership as we continue the Member Insurance tradition of providing excellent service to independent hardware and home center business owners.”
It is interesting that
It is interesting that similarly the Insurance Center of New England, an independent agency headquartered in Massachusetts, promoted William Trudeau to the position of president and CEO. Dean Florian, who has been serving as the firm’s prepaid cell phones president, has assumed the role of chairman of the board of directors. Interesting article.
We do need insurance covers
We do need insurance covers for many reasons. But while getting one you must go for a reputed insurance company. Mostly we focus on life insurance, health insurance and home insurance. But there are other ares which need to be insured too. Such as for cars you need Car Insurance.
Worthington buys BernzOmatic
Worthington Industries, Inc, announced its acquisition of BernzOmatic, a manufacturer and marketer of hand-held torches, solder, and related items, from Irwin Industrial Tool Company. Specifically, the acquisition was made by the Pressure Cylinders segment of Worthington Industries. BernzOmatic manufactures from locations in Medina, N.Y., and Winston-Salem, N.C.
The purchase is expected to benefit Worthington by expanding the company’s range of products, as well as contributing to the already established hand-held torch cylinder business of Worthington Cylinders. Additionally, the purchase of BernzOmatic will offer Worthington access to international markets and to the plumbing wholesale channel. Worthington Industries also expects to benefit from BernzOmatic’s strong brand recognition.
John McConnell, chairman and CEO of Worthington Industries, said, "This acquisition accelerates our growth in the hand torch business with an established retail brand and gives us access to additional international distribution channels.”
“We can now offer customers the benefit and opportunity to purchase Worthington’s hand torch cylinder and the BernzOmatic hand torch and accessories from the same manufacturer,” said Harry Goussetis, president of Worthington Cylinders. “In addition to its strong brand, BernzOmatic has a history of product innovation. We anticipate enhancing that legacy with our manufacturing capabilities and expertise to grow existing and new product categories.”
— Allison Har-Zvi
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