11 May 2022
11 May 2022, Comments Comments Off on LCI Industries reports record results for first quarter of 2022 with net sales of $1.6 billion (+64%)
LCI Industries reports record results for first quarter of 2022 with net sales of $1.6 billion (+64%)

 LCI Industries, through its wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”), has reported record results for the first quarter of 2022 with net sales of $1.6 billion, up 64% year-over-year. Net income in the first quarter of 2022 was $196.2 million, compared to net income of $74.1 million in the first quarter of 2021.

The increase in year-over-year net sales for the first quarter of 2022 was primarily driven by record wholesale shipments, price realization, and strong Aftermarket sales growth. Net sales from acquisitions completed in 2021 and 2022 contributed approximately $79 million in the first quarter of 2022.

Commenting on these results, Jason Lippert, LCI Industries’ President and Chief Executive Officer, said: “We delivered exceptional results in the first quarter, achieving record revenue and EBITDA as we carried forward our momentum from the prior year. We believe the wide range of innovative offerings we provide across the outdoor recreation markets has continued to be a key differentiator for LCI, accelerating and securing growth in our Aftermarket and Marine businesses alongside RV. This tremendous performance has also been supported by our culture of operational excellence, coupled with our ongoing focus around scalability, continuous improvement, and automation, which have helped us expand profitability while managing through ongoing macroeconomic headwinds.”

“The popularity of the outdoor lifestyle continues to be strong. As inventories stabilize, we are working closely with all of our OEMs and dealers to maintain appropriate retail levels of production. We believe our hard work and focus on driving operational excellence throughout our business have positioned LCI for continued strong performance in changing production environments.”

“I would like to thank all of our team members around the globe for their tremendous efforts this quarter in driving our business to record levels. Due to our focus on culture and leadership over the past several years, coupled with the resources we have invested in these areas, we believe our leaders and their teams outperform what many average businesses are able to do, thus creating a unique and significant value proposition for all our stakeholders,” Lippert continued.

Ryan Smith, Group President – North America commented: “Our teams have done a great job in overcoming significant challenges, including labor, freight, and supply chain constraints, to meet record wholesale demand while providing excellent service to our customers. We look forward to continuing this amazing progress as we advance in 2022. Further, I want to thank and congratulate all our leaders and team members who have sacrificed so much over the last year to meet this historic demand.”

April 2022 consolidated net sales were approximately $537 million, up 47 percent from April 2021, as production increased significantly to meet elevated RV and marine retail demand.