11/02/2022

11 February 2022
11 February 2022, Comments Comments Off on Lippert achieves record net sales of $1.2 billion in fourth quarter, (+55%), and record net sales of $4.5 billion for full year 2021 (+60%)
Lippert achieves record net sales of $1.2 billion in fourth quarter, (+55%), and record net sales of $4.5 billion for full year 2021 (+60%)

LCI Industries, through its wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”), has achieved record fourth quarter results with net sales of $1.2 billion (+55%). Net sales from acquisitions in 2020 and 2021 contributed a combined $97 million in the fourth quarter. Its full year 2021 results also set new records with net sales of $4.5 billion (+60%).

  • Other highlights from the fourth quarter results from 2021 include record net income of $82.3 million, up $33.6 million, or 69%, year-over-year. North American RV OEM net sales grew to $689.4 million in the fourth quarter, up 71% year-over-year, driven by record wholesale and retail demand for the quarter. Adjacent Industries OEM net sales grew to $288.0 million in the fourth quarter, up 52% year-over-year, while the aftermarket segment net sales grew to $197.0 million in the fourth quarter, up 25% year-over-year.
  • For the full year, 20211, Lippert achieved record net sales of $4.5 billion, up 60% year-over-year,
  • record net income of $287.7 million, up $129.3 million, or 82%, year-over-year.
  • Lippert completed six strategic acquisitions in 2021 for a combined cash purchase price of $194.1 million.

“Despite significant challenges faced, specifically involving labor, freight, and supply chains, our teams came through to deliver a record achievement of $4.5 billion in revenues in 2021. This performance is the direct result of the dedication of our team members who worked tirelessly to overcome these headwinds by leveraging our automation and continuous improvement initiatives. In addition, our teams volunteered for a combined 100,000 hours throughout the year, an incredible stride in our commitment to supporting our communities,” commented Jason Lippert, LCI Industries’ President and Chief Executive Officer. “Our culture continues to be a cornerstone of our success, as we live and breathe innovation in all areas of the business and continue to challenge our teams to meet heightened demand levels. Organic growth was up significantly this year, and, at the same time, we further laid the groundwork for long-term growth through six strategic acquisitions which expanded our competitive footprint in new, growing markets while adding a wide range of innovative offerings.”

“Tailwinds which have supported our incredible growth remain strong, as hundreds of thousands of new customers over the last few years entered the outdoor lifestyle, seeing it as a convenient, affordable, and safe alternative to air travel and hotel lodging. We pride ourselves on providing a high level of support for both new and existing customers, and have gained significant traction through our customer experience initiatives, including the Lippert Scouts, the Ambassador Program, the Campground Project, and the Lippert Getaway rally, along with several product giveaways. These efforts are proving effective in helping us get closer to our customers, while also driving product and service improvements, furthering our reputation as a leader for customer care and experience in our industry,” Lippert continued. “I would like to thank all of our Lippert team members for their hard work in propelling our business forward and am excited for the growth opportunities that lay ahead as we deliver value to our customers and shareholders in 2022.”

“I also want to thank our teams for their role in driving incredible progress for Lippert throughout 2021. We look forward to leveraging our operational strength and culture of innovation to facilitate Lippert’s strong performance well into the future,” commented Ryan Smith, Group President – North America.

The increase in year-over-year net sales for the fourth quarter of 2021 was primarily driven by record RV retail demand and strong Aftermarket sales growth. Net sales from acquisitions completed in 2020 and 2021 contributed approximately $97 million in the fourth quarter of 2021.

The Company’s average product content per travel trailer and fifth-wheel RV for the twelve months ended December 31, 2021, increased $808 to $4,198, compared to $3,390 for the twelve months ended December 31, 2020. The content increase in towables was a result of organic growth, including pricing and new product introductions.

The increase in year-over-year net sales for the full year 2021 was primarily driven by record RV retail demand, the impact of acquisitions, and organic growth in the Company’s aftermarket segment. Net sales from acquisitions completed in 2020 and 2021 contributed approximately $270 million in 2021.

LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation product markets, consisting primarily of recreational vehicles and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers. Lippert’s products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; and other accessories. Additional information about Lippert and its products can be found at www.lippert.com.