Elkhart-based LCI Industries (NYSE: LCII) is reporting first quarter net income of $196 million, up from $74.1 million during the same period last year. President and Chief Executive Officer Jason Lippert says the company achieved record revenue during the quarter.
During the quarter, the company acquired “substantially all” of the business assets of Alabama-based manufacturer Girard Systems and Girard Products LLC.
“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,” said Lippert. “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.”
LCI Industries manufactures components for a variety of markets, including recreational vehicles, marine, towing and automotive.
Lippert says the outdoor lifestyle remains a popular pastime.
“As inventories stabilize, we are working closely with all of our OEMs and dealers to maintain appropriate retail levels of production,” said Lippert. “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.”
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