LCI Industries Sees Quarterly Profit Increase
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based LCI Industries (NYSE: LCII) is reporting third quarter net income of $68.3 million, up from $35.8 million during the same period last year. Chief Executive Officer Jason Lippert says the wholly-owned subsidiary Lippert Components Inc. saw net sales increase by 41% to $827.7 million.
The company says the growth can be attributed to favorable trends in the outdoor recreation retail space as well as its recent acquisitions.
“In the quarter, we significantly expanded market share across our businesses, supported by new business wins and content increases, highlighting the strength of our products and strong execution of our team,” said Lippert. “We believe our strong operational capabilities, combined with our focus on innovation, will further advance LCI’s industry leadership and enable our continued strong performance.”
“With a significant number of new customers taking advantage of a new outdoor lifestyle, we anticipate that the attractive retail tailwinds we have experienced over the last several months will continue well into 2021 and beyond. In addition, we remain focused on executing our diversification strategy, capturing similar industry tailwinds in our aftermarket and adjacent industries markets,” added Lippert.
The company says net sales from its acquisitions contributed $99 million in the third quarter.
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