LCI Industries, parent company of Lippert, reported net sales during the quarter of $1.6 billion during the first quarter, an all-time company record that was up 64 percent from the same period a year ago.
The company’s net income was $196.2 million, or $7.71 per diluted share, up $122.1 million, or 165 percent, year-over-year.
The increase in year-over-year net sales for the first quarter of 2022 was primarily driven by record wholesale shipments, price realization and strong aftermarket sales growth. Net sales from acquisitions completed in 2021 and 2022 contributed approximately $79 million in the first quarter of 2022.
The company’s average product content per travel trailer and fifth-wheel RV for the twelve months ended March 31 increased $1,378 to $4,854, compared to $3,476 for the twelve months ended March 31, 2021. The content increase in towables was primarily a result of organic growth, including pricing and new product introductions.
“We delivered exceptional results in the first quarter, achieving record revenue and EBITDA as we carried forward our momentum from the prior year,” said Jason Lippert, LCI Industries’ president and CEO. “We believe the wide range of innovative offerings we provide across the outdoor recreation markets has continued to be a key differentiator for LCI, accelerating and securing growth in our aftermarket and marine businesses alongside RV. This tremendous performance has also been supported by our culture of operational excellence, coupled with our ongoing focus around scalability, continuous improvement, and automation, which have helped us expand profitability while managing through ongoing macroeconomic headwinds.
“The popularity of the outdoor lifestyle continues to be strong. As inventories stabilize, we are working closely with all of our OEMs and dealers to maintain appropriate retail levels of production. We believe our hard work and focus on driving operational excellence throughout our business have positioned LCI for continued strong performance in changing production environments.
“I would like to thank all of our team members around the globe for their tremendous efforts this quarter in driving our business to record levels. Due to our focus on culture and leadership over the past several years, coupled with the resources we have invested in these areas, we believe our leaders and their teams outperform what many average businesses are able to do, thus creating a unique and significant value proposition for all our stakeholders.
Added Ryan Smith, group president for North America: “Our teams have done a great job in overcoming significant challenges, including labor, freight, and supply chain constraints, to meet record wholesale demand while providing excellent service to our customers. We look forward to continuing this amazing progress as we advance in 2022. Further, I want to thank and congratulate all our leaders and team members who have sacrificed so much over the last year to meet this historic demand.”
