LCI Industries reported third quarter 2024 results.
“Despite a challenging RV and marine industry backdrop, we delivered a strong quarter with continued market share expansion, increased operating margins and robust operating cash flow, which has reached $402 million over the last twelve months. Share gains were particularly strong across appliances, awnings, chassis, furniture and windows, which together represent more than 70% of our total North American RV OEM business. These gains were fueled by innovative products like the new line of CURT towing and suspension products we showcased at the September Open House,” commented Jason Lippert, LCI Industries’ president and CEO. “As a result, our key customers have maintained and increased the amount of Lippert content across their 2025 RV models. At the same time, we believe our commitment to operational excellence, including product quality and supply chain improvement initiatives, drove further margin expansion. Looking ahead, we believe we’re positioned to outperform as demand rebounds, powered by our cutting-edge innovation and a prioritization of strategic M&A to further enhance our diversification and long-term growth potential.”
“I’d like to thank our team members for their dedication to driving our business forward this quarter while working through a challenging environment,” said Ryan Smith, LCI Industries’ group president – North America. “We remain focused on leveraging our operational expertise and culture of innovation to support long-term growth for Lippert.”
Third Quarter 2024 Results
Consolidated net sales for the third quarter of 2024 were $915.5 million, a decrease of 5% from 2023 third quarter net sales of $959.3 million. Net income in the third quarter of 2024 was $35.6 million, or $1.39 per diluted share, compared to $25.9 million, or $1.02 per diluted share, in the third quarter of 2023. EBITDA in the third quarter of 2024 was $85.2 million, compared to EBITDA of $78.9 million in the third quarter of 2023. Additional information regarding EBITDA, as well as reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income, is provided in the “Supplementary Information – Reconciliation of Non-GAAP Measures” section.
The decrease in year-over-year net sales for the third quarter of 2024 was primarily driven by lower sales to North American marine and utility trailer OEMs and declines in wholesale shipments of motorhome RV units, partially offset by increased North American RV wholesale shipments of travel trailers and fifth wheels and market share gains in the automotive aftermarket.
October 2024 Results
October 2024 consolidated net sales were approximately $330 million, down 4% from October 2023, primarily due to an approximate 12% decline in marine sales and an approximate 3% decrease in North American RV production compared to October 2023.
Click here to read the full release and view LCI’s non-GAAP reconciliation tables.
