'Industry-Wide Growth' Leads to Record Sales For LCI

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LCI Components has more than 30 facilities throughout Indiana. LCI Components has more than 30 facilities throughout Indiana.
ELKHART -

Elkhart-based LCI Industries (NYSE: LCII) is reporting second quarter net income of $40.1 million, up from $37.6 million during the same period last year. The recreational vehicle components manufacturer is also reporting a record $547 million in net sales, a 24 percent increase from the second quarter of 2016. 

The company says the boost in net sales can be attributed to "industry-wide growth in wholesale shipments of towable and motorized RVs." The increase was also enhanced by a number of acquisitions LCI made over the past year.

"The RV industry growth trend in 2017 remains strong as second quarter wholesale RV shipments were up 15 percent," stated Jason Lippert, chief executive officer of LCI. "RV sales momentum has continued as the industry attracts a new generation of RV enthusiasts, and orders appear to be strong going into the third quarter as dealer sentiment remains bullish and OEMs continue to add capacity to meet demand. Additionally, we continue to see strong growth in our Aftermarket sales." 

LCI's Elkhart-based subsidiary, Lippert Components Inc., acquired two Italian manufacturers this year, including Sessa Klein S.p.A. in an $8.5 million deal and Metallarte S.r.l. and its subsidiary, RV Doors S.r.l., for nearly $17 million. In May, Lippert also acquired the marine and recreational vehicle seating business of Lexington LLC in a $40 million deal.

LCI President Scott Mereness says the company also remains focused on cost management and other operational efficiency initiatives to further improve its operating margin. You can connect to LCI's full second quarter earnings report by clicking here.

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