LCI Industries, through its wholly owned subsidiary Lippert, today reported select preliminary, unaudited financial results ranges for the fourth quarter of 2023.
The company expects net sales in the fourth quarter of 2023 to be in the range of $832 million to $842 million, compared to net sales of $894 million in the fourth quarter of 2022, and loss per diluted share to be in the range of $0.04 to $0.14, compared to a loss of $0.68 per diluted share for the fourth quarter of 2022.
“As RV and marine OEMs took action during the fourth quarter to further normalize industry inventories, our results were adversely impacted by lower-than-expected production levels at the OEMs, including longer shutdowns at pontoon manufacturers within the marine industry. While marine production has continued to be soft as we begin 2024, RV production has shown a slow and modest start returning from the holiday shutdowns and is outpacing January 2023 levels. We expect an improving trend for RV with February orders looking stronger year-over-year, as retail shows are giving off positive sentiment,” said Jason Lippert, LCI Industries’ president and CEO. “The strength of our diversification strategy, coupled with our tenured leadership and continued focus on operational excellence and customer experience, has proven critical as we navigate these near-term challenges. We remain acutely focused on taking nonstrategic costs out of our business and leveraging our flexible capacity to support margin improvements. At the same time, we are delivering solid growth and performance in our Aftermarket segment and other adjacent businesses to offset weakness in the RV and marine industries. We believe our business is built to withstand these near-term pressures, and we plan to continue to invest strategically and are confident in the mid- to long-term profitable growth of our business.”