Lippert announced net sales in the fourth quarter $1.billion, a 55 percent increase year-over-year. The company said it had $82.3 million in net income, which was up 69 percent compared with Q4 of last year and was also a new record.
Lippert said its North American RV OEM net sales grew to $689.4 million in the fourth quarter, up 71 percent year-over-year, driven by record wholesale and retail demand for the quarter. Adjacent Industries OEM net sales grew to $288 million in the fourth quarter, up 52 percent year-over-year and the aftermarket segment net sales grew to $197 million in the fourth quarter, up 25 percent year-over-year.
For the full year, Lippert had net sales of $4.5 billion, up 60 percent year-over-year. The company’s record net income was $287.7 million, an increase of $129.3 million, or 82 percent, year-over-year.
“Despite significant challenges faced, specifically involving labor, freight, and supply chains, our teams came through to deliver a record achievement of $4.5 billion in revenues in 2021,” said Jason Lippert, president and CEO. “This performance is the direct result of the dedication of our team members who worked tirelessly to overcome these headwinds by leveraging our automation and continuous improvement initiatives. In addition, our teams volunteered for a combined 100,000 hours throughout the year, an incredible stride in our commitment to supporting our communities. Our culture continues to be a cornerstone of our success, as we live and breathe innovation in all areas of the business and continue to challenge our teams to meet heightened demand levels. Organic growth was up significantly this year, and, at the same time, we further laid the groundwork for long-term growth through six strategic acquisitions which expanded our competitive footprint in new, growing markets while adding a wide range of innovative offerings.”
