Lippert announced net sales for the recent quarter of $783.0 million in the fourth quarter, an increase of 39 percent year-over-year.
Net income increased $19.9 million, or 69 percent, to $48.7 million, in the fourth quarter.
The company said its North American RV OEM sales grew to $402.9 million in the fourth quarter, up 25 percent year-over-year.
For the year, Lippert reported net sales of $2.8 billion, an increase of 18 percent year-over-year
Net income increased $11.9 million, or 8 percent.
“2020 proved to be a historic year for LCI Industries in many respects, starting with our response to the COVID-19 pandemic and related shutdowns, and culminating with record annual net sales of $2.8 billion,” said Jason Lippert, president and CEO. “This could not have been possible without the tremendous efforts of our team. They successfully navigated an unprecedented economic environment to capture incredible industry demand, while also working to mitigate supply chain and labor constraints that have impacted the wider RV and marine space. Our team marched right into the storm, led by an experienced leadership team, which has proven time and again that they can pivot quickly – even in times of global crisis – to position LCI Industries to emerge stronger and ready for growth. This outperformance is a testament to the strong, cohesive culture which we continue to foster throughout our Company, and I am thankful for each and every one of our teammates across the globe.
“Furthermore, our focus on operational excellence and commitment to innovation enabled strong organic growth during the year, and importantly, we continued to execute on our diversification strategy, expanding further into the marine and adjacent industries through the acquisitions of Challenger Door and Veada Industries to further establish LCI Industries as an industry leader,” Lippert said.
