LCI Industries, parent company of Lippert, said it had net sales of $1.5 billion in the second quarter compared with the same quarter a year ago, a 40% increase.
In the North American RV market, net sales were $864.3 million, an increase of 58 percent year-over-year. The company credits wholesale shipments and increased market share for the uptick in sales.
The company’s net income in Q2 was $154.5 million, up $86.6 million, or 128%, year-over-year.
Content per travel trailer and fifth-wheel RV, a closely watched metric for this supplier of RV equipment and parts, increased 49% year-over-year for the 12 months ended June 30. That translates to a record-setting $5,382 worth of Lippert-provided products going into each unit.
“We continued to execute on strategic priorities to deliver strong results in the second quarter, highlighted by robust revenue and EBITDA growth as we navigate a challenging operating environment,” said Jason Lippert, president and CEO. “Our culture of innovation and operational excellence has supported our expansion in the aftermarket, marine, and RV OEM markets while assisting us to meet consumer demand for quality, technologically sophisticated products.
“While RV inventories stabilize, we are confident in our ability to keep driving content and market share gains both within and outside RV OEM. The widespread availability of peer-to-peer rentals, along with increasing costs of airfare and hotel lodging, have made camping, boating, and RVing attractive options for vacationing. We believe our diverse portfolio has positioned us for long-term growth as we capture tailwinds related to the ongoing popularity of the outdoor lifestyle. I am proud of the hard work shown by our teams in driving our strong performance to help us generate further shareholder value.”
North American marine OEM net sales for the quarter was $132.4 million, up 44% year-over-year, and North American aftermarket sales were $240.2 million, up 14% year-over-year.
“I also want to thank our team members for their commitment to delivering best-in-class products to our customers,” said Ryan Smith, group president – North America. “Through these efforts, we continue to drive profitable growth while solidifying LCI’s position as an industry leader in the range of markets we serve.”