Lippert Components has reported net sales in the third quarter of $827.7 million, a 41 percent increase compared with the same quarter last year.
Sales in its aftermarket segment were particularly strong, the company said: $185.7 million, an increase of 149 percent year-over-year.
International sales grew to $59.5 million in the third quarter, an increase of 69 percent year-over-year.
Net income for the quarter increased $32.5 million, or 91 percent, to $68.3 million, or $2.70 per diluted share, in the third quarter
“We are pleased to announce we delivered a record quarter with 41 percent revenue and 91 percent earnings growth over the prior year driven by favorable trends in the outdoor recreation space and our recent acquisitions,” said Jason Lippert, LCI’s president and CEO.
“In the quarter, we significantly expanded market share across our businesses, supported by new business wins and content increases, highlighting the strength of our products and strong execution of our team. We believe our strong operational capabilities, combined with our focus on innovation, will further advance LCI’s industry leadership and enable our continued strong performance.”
“With a significant number of new customers taking advantage of a new outdoor lifestyle, we anticipate that the attractive retail tailwinds we have experienced over the last several months will continue well into 2021 and beyond. In addition, we remain focused on executing our diversification strategy, capturing similar industry tailwinds in our aftermarket and adjacent industries markets,” Lippert continued. “I am very pleased with our terrific performance this quarter and would like to thank the entire LCI team for rising to the challenge of meeting record RV industry demand levels, capturing growth opportunities, and creating further value for our shareholders.”
