LCI Industries has reported its second-quarter revenue, showing profits have risen due to more Americans embracing outdoor recreational activities, including boating.
A statement by LCI said net sales for the quarter were $1.5 billion, a 40% increase from the 1.1 billion in the same quarter last year.
Net income more than doubled in the recent quarter to $154.5 million, from $67.9 million in the second quarter of 2021, according to a report.
“While RV inventories stabilize, we are confident in our ability to keep driving content and market share gains both within and outside RV OEM,” said LCI Industries president and CEO Jason Lippert.
“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.”
In the current quarter, the company said July sales were up 5% from July 2021, which Lippert called a “testament to diversification efforts which are helping to offset the deceleration experienced in North American RV production.”
LCI’s marine OEM sales jumped 44% to $132.4 million during the 12 months ended June 30 compared with the equivalent period in 2020-’21. Content per powerboat for the same period was up 71% year-over-year to $1,848.
This article originally appeared on Soundings Trade Only.
The news from LCI Industries is awesome! They’ve experienced a substantial increase in profits and are expanding their product range to meet the growing demand for outdoor activities. I think it’s fantastic they’re staying ahead of the trend and offering new and innovative products.