Reporting its second quarter results, RV supplier Lippert reported net sales of $1.1 billion in the second quarter, an increase of 108 percent year-over-year. Net income was $67.9 million, an increase of $54.7 million, or 415 percent, over the year ago quarter.
North American RV OEM sales grew to $548.6 million in the second quarter, up 151 percent year-over-year, driven by record wholesale and retail demand for the quarter.
The North American RV industry recorded 151,800 shipments in the second quarter and a record 300,300 shipments in the first six months of 2021.
Adjacent industries OEM sales grew to $269.8 million in the second quarter, up 107 percent year-over-year.
Aftermarket segment sales grew to $229.1 million in the second quarter, up 45 percent year-over-year.
Also, net sales from acquisitions in 2020 and 2021 contributed a combined $54 million in the second quarter.
“We delivered another incredible quarter, growing sales in the triple-digits while driving impressive content and market share gains. These strong results are enhanced by the success of our recent acquisitions, including Challenger, Veada, Trazcor, Schaudt and Ranch Hand, enabling us to continue expanding our presence as a leading supplier in the outdoor recreation space across the globe,” said Jason Lippert, LCI Industries’ president and CEO. “There remains no end in sight for the current levels of retail demand as waves of consumers enter the outdoor lifestyle, and each of our businesses are strongly positioned to capture new growth opportunities through surging demand for both new and rental units,” continued Lippert. “Throughout the quarter, our teams have demonstrated remarkable agility in navigating through freight, labor and supply chain-related headwinds impacting the entire industry, underscoring our commitment to operational excellence across our businesses, as we focus on managing significant cost inflation and related pricing adjustments to maintain profitability. I could not be more pleased with our performance and continued growth trajectory and would like to again thank the entire LCI team for their hard work as we keep up this momentum in driving value for our shareholders.”
Content per travel trailer and fifth wheel RV, adjusted to remove Furrion sales from prior periods, for the twelve months ended June 30, increased $250 to $3,621.
“I also want to thank our team members for their dedication and tireless effort during this period of record demand. Due to the strength of both our teams and our culture, we have been able to cement our position as an industry leader while ensuring that our customers meet their commitments,” said Ryan Smith, Lippert group president – North America.
