Elkhart, Ind.-based LCI Industries, parent company of Lippert Components, announced its preliminary second quarter 2020 sales results on Tuesday, and said that for the quarter, it expects net sales in the range of $515 million to $530 million.
For the second quarter of 2019 the company had reported net sales of $629 million, which was an 8 percent drop year-over-year from the previous quarter.
Announcing the last quarter’s preliminary results Tuesday, Jason Lippert, president and CEO, said, “Increased demand for RVs drove accelerated outdoor recreational products sales, which was well ahead of increasingly bullish expectations as we moved through the early part of the second quarter. In this post-COVID environment, RVs continue to be one of the safest ways for American families to take a vacation. Underscoring this strength, a recent RVIA survey reported that 46 million people intend on taking a trip in an RV in the next 12 months.
“As we have continued to say – our long-term fundamentals are strong, and our sales are being further propelled by the consumer’s desire to find safe, alternative outdoor activities that allow them to spend time with family but also practice social distancing. I am very proud of our teams, who have managed better than we could have ever expected to meet the heavy demand for RVs and boats through both the shutdown of our production facilities and the effective restart and ramp as state and local economies have begun to re-open.
“While only time will tell the ultimate trajectory of the COVID-19 pandemic, I am confident that our industry will be even better positioned in a post-COVID world due to a more favorable environment for outdoor recreational products. Furthermore, as an organization, we continue to position LCI to deliver innovative products to our customers and drive long-term growth.”