LCI Industries Reports Record First Quarter Results
LCI Industries (LCII) reported first quarter 2021 results, achieving record revenues of $1 billion, a 52% increase from $659.7 million in Q1 2020. Net income surged to $74.1 million ($2.93 per diluted share) from $28.2 million ($1.12 per share) year-over-year. The growth was fueled by strong RV retail demand and a booming aftermarket business, which has tripled in size over three years. Despite operational challenges, the company remains confident in its market position and liquidity, with $63.3 million in cash as of March 31, 2021, and compliance with debt covenants.
- Record revenue of $1 billion, up 52% year-over-year.
- Net income increased to $74.1 million from $28.2 million in Q1 2020.
- Aftermarket business has nearly tripled in size over the last three years.
- Cash and cash equivalents rose to $63.3 million.
- Strong RV retail demand continues to drive growth.
- Operational cash flows negatively impacted by strategic investments in working capital.
LCI Industries (NYSE: LCII) which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation product markets, and the related aftermarkets of those industries, today reported first quarter 2021 results.
“We achieved a record
“With heightened retail demand showing no signs of slowing and a long runway to get dealer inventories back to more normalized levels, Lippert is incredibly well-positioned as we move through 2021 and beyond. Our results over the last several quarters are a true testament to the strength of our leadership, team, and culture in withstanding operational turbulence and delivering superior performance,” continued Lippert. “I would like to thank all Lippert team members for their hard work in continuing to propel our business forward to drive value for our shareholders.”
First Quarter 2021 Results
Consolidated net sales for the first quarter of 2021 were
The increase in year-over-year net sales for the first 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
The Company's average product content per travel trailer and fifth-wheel RV, adjusted to remove Furrion sales from prior periods, for the twelve months ended March 31, 2021, increased
April 2021 Results
April 2021 consolidated net sales were approximately
Balance Sheet and Other Items
At March 31, 2021, the Company's cash and cash equivalents balance was
Conference Call & Webcast
Lippert will host a conference call to discuss its first quarter results on Tuesday, May 4, 2021, at 8:30 a.m. Eastern time, which may be accessed by dialing (877) 668-4883 for participants in the U.S./Canada or (825) 312-2360 for participants outside the U.S./Canada using the required conference ID 5717208. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the Company's website, www.investors.lci1.com.
A replay of the conference call will be available for two weeks by dialing (800) 585-8367 for participants in the U.S./Canada or (416) 621-4642 for participants outside the U.S./Canada and referencing access code 5717208. A replay of the webcast will be available on the Company's website immediately following the conclusion of the call.
About LCI Industries
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; and other accessories. Additional information about Lippert and its products can be found at www.lci1.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, retail and wholesale demand, integration of acquisitions, R&D investments, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of COVID-19, or other future pandemics, on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
LCI INDUSTRIES OPERATING RESULTS (unaudited) |
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Three Months Ended
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Last Twelve |
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2021 |
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2020 |
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Months |
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(In thousands, except per share amounts) |
|
|
|
|
|
||||
|
|
|
|
|
|
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Net sales |
$ |
1,000,258 |
|
$ |
659,670 |
|
$ |
3,136,754 |
|
Cost of sales |
|
758,481 |
|
|
501,065 |
|
|
2,347,492 |
|
Gross profit |
|
241,777 |
|
|
158,605 |
|
|
789,262 |
|
Selling, general and administrative expenses |
|
140,346 |
|
|
114,339 |
|
|
509,163 |
|
Operating profit |
|
101,431 |
|
|
44,266 |
|
|
280,099 |
|
Interest expense, net |
|
2,705 |
|
|
5,197 |
|
|
10,961 |
|
Income before income taxes |
|
98,726 |
|
|
39,069 |
|
|
269,138 |
|
Provision for income taxes |
|
24,606 |
|
|
10,855 |
|
|
64,792 |
|
Net income |
$ |
74,120 |
|
$ |
28,214 |
|
$ |
204,346 |
|
|
|
|
|
|
|
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Net income per common share: |
|
|
|
|
|
||||
Basic |
$ |
2.94 |
|
$ |
1.13 |
|
$ |
8.12 |
|
Diluted |
$ |
2.93 |
|
$ |
1.12 |
|
$ |
8.07 |
|
|
|
|
|
|
|
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Weighted average common shares outstanding: |
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|
|
|
|
||||
Basic |
|
25,193 |
|
|
25,075 |
|
|
25,171 |
|
Diluted |
|
25,325 |
|
|
25,143 |
|
|
25,308 |
|
|
|
|
|
|
|
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Depreciation and amortization |
$ |
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FAQ
What were LCI Industries' (LCII) first quarter 2021 revenues?
LCI Industries reported first quarter 2021 revenues of $1 billion.
How much did LCI Industries' net income increase in the first quarter 2021?
Net income for LCI Industries increased to $74.1 million in Q1 2021, compared to $28.2 million in Q1 2020.
What are the key growth drivers for LCI Industries in 2021?
Key growth drivers include strong RV retail demand and significant growth in the aftermarket business.
What is LCI Industries' current cash balance as of March 31, 2021?
As of March 31, 2021, LCI Industries had cash and cash equivalents of $63.3 million.
When will LCI Industries discuss its first quarter results?
LCI Industries will host a conference call to discuss its first quarter results on May 4, 2021.
LCI Industries
NYSE:LCIILCII RankingsLCII Latest NewsLCII Stock Data
3.13B
24.52M
3.67%
105.78%
6.57%
Recreational Vehicles
Motor Vehicle Parts & Accessories
United States of America
ELKHART
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