The impressive strength of the U.S. boating market continues to roll forward and most industry analysts see this playing through 2019.
Sales across all three divisions (HydroHoist Boat Lifts, HyPower Power Pedestals, RotoMoldUSA) are up with boat lifts leading the way.
Boat lifts continue to grow at an impressive rate and mainly through organic growth.
We are anticipating the release of new products over the next several months which will only bolster our growth.
HyPower has experienced increased sales in 2018 and continues to broaden its customer base both domestically and internationally.
RMUSA has gained several new customers in our contract rotomolding business and multiple projects are on the horizon. We will continue to leverage our capabilities of producing large parts in our centralized U.S. location.
With Sales performing well in 2018 the manufacturing and shipping personnel are especially busy. Their performance is crucial during this high volume season. The team worked much overtime during unseasonably warm weather and all departments – Accounting, Engineering, HR, IT and Marketing – working together resulted in our strong results to date.
Our four distribution centers had a phenomenal first half of 2018. Texas (North and South locations), Tennessee, and Oklahoma were firing on all cylinders.
In the 2nd quarter, we welcomed Kent Jopling to our team as Engineering Director. We look forward – under his direction – to design innovations and industry-leading products with timely releases.
While continuing our momentum for the balance of ’18, I see the following strengths and challenges:
-Number one brand in the industry with a loyal customer base
-Experienced and energized HMG team
-Best channels to market
-New products in pipeline
-Financially strong and stable company
-Tariffs resulting in spikes of commodities and indirectly impacting virtually all raw materials
-Unsettled D.C. political environment, mid-term elections and the consequences
-Rise in petroleum pricing impacting raw materials, shipping and consumer spending
We will continue to monitor the issues and opportunities and adjust accordingly.
Lastly, in mid-September, we are hosting our first Engineering Innovation Day in Oklahoma to update our dealers on current projects and to obtain their input for future product needs.
In closing, thank you for your dedication and loyalty in making HydroHoist the industry leader.