LCI Industries, through its subsidiary Lippert, reported the financial results for the second quarter of 2024, with net sales reaching $1.1 billion, a 4% increase compared to the same period last year. The company also saw a significant rise in net income, reporting $61 million, or $2.40 per diluted share, up from $33 million, or $1.31 per diluted share, in the second quarter of 2023.
The company’s EBITDA increased by 39% year-over-year, reaching $123 million, while the operating profit margin reached 8.6% from 5.4% in the previous year.
According to a press release, Jason Lippert, LCI Industries’ President and CEO, highlighted the “strong” second quarter results and the company’s revenue growth. “Our strategy has been working. Diversification continues to help mitigate market cyclicality and support margins, while innovation is fueling content growth,” Lippert said. He also emphasized the company’s expansion into new product markets, which has opened up over $12 billion in combined “addressable opportunities.”
The company’s focus on optimizing its manufacturing footprint and “increasing efficiencies” contributed to a $142 million reduction in inventory compared to the second quarter of 2023. LCI Industries also reported cash flows provided by operations of $439 million for the last 12 months ending June 30, bolstering its liquidity position with $130 million in cash and $373 million in available credit.
In addition to its financial achievements, LCI Industries has seen revenue growth in its towable RV OEM, aftermarket, and adjacent OEM businesses.
Ryan Smith, LCI Industries Group president in North America, credited the company’s success to the dedication of its team members. “Through a consistent focus on our key strategic pillars, including customer service, safety, quality, culture, and leadership, we are delivering profitable growth while solidifying our leading position across the recreation space,” Smith said.
LCI Industries supplies a wide range of engineered components for the leading OEMs in the recreation and transportation markets. These markets include recreational vehicles, boats, trailers, trucks, and modular housing, with the company operating both domestically and internationally.
For more details on LCI Industries’ 2024 second quarter results, visit lci1.com.
