Elkhart-based LCI Industries (NYSE: LCII) says a record quarter for sales has driven profit higher for the third quarter. The recreational vehicle components supplier is reporting net income of $32.1 million, compared to $29.8 million during the same period last year. Third quarter sales, says LCI, rose 35 percent to $555 million.
The company says sales were driven by an industry-wide increase in towable and motorized RV shipments. Returns on acquisitions contributed $24 million in the quarter, according to the company’s quarterly earnings report.
Chief Executive Officer Jason Lippert said "RV sales momentum has continued as the industry attracts a new generation of RV enthusiasts, supported by strong economic growth. Orders appear to be strong going into the final 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. We are expecting October 2017 consolidated net sales to reach approximately $205 million, 40% higher than October 2016."
He added that for the first time, the company has reached the $2 billion revenue mark during the last 12-month period. You can connect to more about the company’s third quarter by clicking here.