LCI Industries Reports Third Quarter Financial Results
LCI Industries (NYSE: LCII) reported its third quarter 2024 financial results, showcasing a mixed performance amidst a challenging market. Net sales were $915 million, down 5% YoY. Net income rose to $36 million ($1.39 per diluted share), a 38% increase YoY. EBITDA was $85 million, up 8% YoY, with an operating profit margin of 5.9%, up from 4.8% in Q3 2023.
The company maintained a strong liquidity position with $161 million in cash and $383 million available on its revolving credit facility.
Despite a 12% decline in marine sales and a 3% drop in North American RV production, LCI saw market share gains in several segments. Operating cash flow reached $402 million over the last twelve months.
LCI paid a quarterly dividend of $1.05 per share, totaling $27 million.
October 2024 sales were approximately $330 million, down 4% YoY.
LCI Industries (NYSE: LCII) ha riportato i risultati finanziari del terzo trimestre 2024, mostrando una performance mista in un mercato difficile. Le vendite nette sono state di 915 milioni di dollari, in calo del 5% rispetto all'anno precedente. Il reddito netto è salito a 36 milioni di dollari (1,39 dollari per azione diluita), con un aumento del 38% rispetto all'anno precedente. EBITDA è stato di 85 milioni di dollari, in aumento dell'8% su base annua, con un margine di profitto operativo del 5,9%, rispetto al 4,8% del terzo trimestre 2023.
L'azienda ha mantenuto una solida posizione di liquidità con 161 milioni di dollari in contante e 383 milioni di dollari disponibili sulla sua linea di credito rotativo.
Nonostante un calo delle vendite marine del 12% e una diminuzione del 3% nella produzione di camper in Nord America, LCI ha registrato guadagni di quota di mercato in diversi segmenti. Il flusso di cassa operativo ha raggiunto i 402 milioni di dollari negli ultimi dodici mesi.
LCI ha pagato un dividendo trimestrale di 1,05 dollari per azione, per un totale di 27 milioni di dollari.
Le vendite di ottobre 2024 sono state di circa 330 milioni di dollari, in diminuzione del 4% rispetto all'anno precedente.
LCI Industries (NYSE: LCII) reportó sus resultados financieros del tercer trimestre de 2024, mostrando un desempeño mixto en un mercado desafiante. Las ventas netas fueron de 915 millones de dólares, una disminución del 5% en comparación con el año anterior. La utilidad neta aumentó a 36 millones de dólares (1,39 dólares por acción diluida), lo que representa un incremento del 38% interanual. EBITDA fue de 85 millones de dólares, un aumento del 8% interanual, con un margen de beneficio operativo del 5,9%, en comparación con el 4,8% en el tercer trimestre de 2023.
La empresa mantuvo una fuerte posición de liquidez con 161 millones de dólares en efectivo y 383 millones de dólares disponibles en su línea de crédito rotativa.
A pesar de una caída del 12% en las ventas marinas y una disminución del 3% en la producción de vehículos recreativos en América del Norte, LCI vio aumentos en la cuota de mercado en varios segmentos. El flujo de caja operativo alcanzó los 402 millones de dólares en los últimos doce meses.
LCI pagó un dividendo trimestral de 1,05 dólares por acción, sumando un total de 27 millones de dólares.
Las ventas de octubre de 2024 fueron de aproximadamente 330 millones de dólares, una caída del 4% en comparación con el año anterior.
LCI Industries (NYSE: LCII)는 2024년 3분기 재무 결과를 발표하며 어려운 시장 속에서 혼합된 성과를 보여주었습니다. 순매출은 9억 1500만 달러로, 지난해 대비 5% 감소했습니다. 순이익은 3600만 달러(희석 주당 1.39달러)로, 지난해 대비 38% 증가했습니다. EBITDA는 8500만 달러로, 지난해 대비 8% 증가했으며, 영업 이익률은 5.9%로, 2023년 3분기의 4.8%에서 증가했습니다.
회사는 1억 6100만 달러의 현금과 3억 8300만 달러의 사용 가능한 회전 신용 한도로 강력한 유동성 위치를 유지했습니다.
해양 판매가 12% 감소하고 북미 RV 생산이 3% 감소했음에도 불구하고 LCI는 여러 부문에서 시장 점유율을 증가시키는 성과를 보였습니다. 운영 현금 흐름은 지난 12개월 동안 4억 200만 달러에 달했습니다.
LCI는 주당 1.05달러의 배당금을 분기마다 지급하여 총 2700만 달러에 이릅니다.
2024년 10월의 매출은 약 3억 3000만 달러로, 지난해 대비 4% 감소했습니다.
LCI Industries (NYSE: LCII) a publié ses résultats financiers pour le troisième trimestre 2024, mettant en évidence une performance mitigée dans un marché difficile. Les ventes nettes se sont élevées à 915 millions de dollars, en baisse de 5 % par rapport à l'année précédente. Le résultat net a augmenté à 36 millions de dollars (1,39 dollar par action diluée), soit une hausse de 38 % par rapport à l'an dernier. L'EBITDA a atteint 85 millions de dollars, en hausse de 8 % par rapport à l'an dernier, avec une marge bénéficiaire opérationnelle de 5,9 %, contre 4,8 % au troisième trimestre 2023.
L'entreprise a maintenu une forte position de liquidité avec 161 millions de dollars en espèces et 383 millions de dollars disponibles sur sa ligne de crédit renouvelable.
Bien qu'il y ait eu une baisse de 12 % des ventes maritimes et une baisse de 3 % de la production de véhicules récréatifs en Amérique du Nord, LCI a enregistré des gains de part de marché dans plusieurs segments. Le flux de trésorerie opérationnel a atteint 402 millions de dollars au cours des douze derniers mois.
LCI a versé un dividende trimestriel de 1,05 dollar par action, totalisant 27 millions de dollars.
Les ventes d'octobre 2024 se sont élevées à environ 330 millions de dollars, en baisse de 4 % par rapport à l'année précédente.
LCI Industries (NYSE: LCII) hat seine Finanzzahlen für das dritte Quartal 2024 veröffentlicht und dabei eine gemischte Leistung in einem herausfordernden Markt gezeigt. Der Nettoumsatz betrug 915 Millionen Dollar, ein Rückgang von 5% im Vergleich zum Vorjahr. Der Nettogewinn stieg auf 36 Millionen Dollar (1,39 Dollar pro verwässerter Aktie), was einem Anstieg von 38% im Jahresvergleich entspricht. EBITDA betrug 85 Millionen Dollar, ein Anstieg von 8% im Jahresvergleich, mit einer Betriebsgewinnmarge von 5,9%, verglichen mit 4,8% im dritten Quartal 2023.
Das Unternehmen wies eine starke Liquiditätsposition mit 161 Millionen Dollar Bargeld und 383 Millionen Dollar verfügbar auf seinem revolvierenden Kreditrahmen auf.
Trotz eines Rückgangs der Marineverkäufe um 12% und einem Rückgang der Produktion von Wohnmobilen in Nordamerika um 3% konnte LCI in mehreren Segmenten Marktanteile gewinnen. Der operative Cashflow belief sich in den letzten zwölf Monaten auf 402 Millionen Dollar.
LCI zahlte eine vierteljährliche Dividende von 1,05 Dollar pro Aktie, was insgesamt 27 Millionen Dollar ausmacht.
Die Verkaufszahlen im Oktober 2024 lagen bei etwa 330 Millionen Dollar, ein Rückgang von 4% im Vergleich zum Vorjahr.
- Net income increased by 38% YoY to $36 million.
- EBITDA rose 8% YoY to $85 million.
- Operating profit margin improved to 5.9% from 4.8% in Q3 2023.
- Operating cash flow reached $402 million over the last twelve months.
- Strong liquidity with $161 million in cash and $383 million available on revolving credit.
- Net sales decreased 5% YoY to $915 million.
- Marine sales declined 12% in October 2024.
- North American RV production dropped 3% in October 2024.
- OEM net sales down $44 million YoY.
- Operating profit of Aftermarket Segment decreased to 13.9% of net sales from 14.9%.
Insights
LCI Industries delivered mixed Q3 results with notable operational improvements despite industry headwinds. Net sales declined 5% to
Key strengths include robust cash flow generation of
The RV industry shows signs of stabilization with travel trailer and fifth-wheel shipments up
Strong operating performance and cash flow generation in challenging environment
Third Quarter 2024 Highlights
-
Net sales of
in the third quarter, down$915 million 5% year-over-year -
Net income of
, or$36 million per diluted share, in the third quarter, up$1.39 38% from the third quarter of 2023 -
EBITDA of
in the third quarter, or$85 million 9.3% of net sales, up8% year-over-year -
Operating profit margin of
5.9% in the third quarter, up from4.8% in the third quarter of 2023 -
Quarterly dividend of
per share paid, totaling$1.05 in the third quarter$27 million -
Cash flows provided by operations of
for the LTM period ended September 30, 2024$402 million -
Strong liquidity position with
of cash and cash equivalents and$161 million of availability on revolving credit facility at September 30, 2024$383 million
"Despite a challenging RV and Marine industry backdrop, we delivered a strong quarter with continued market share expansion, increased operating margins, and robust operating cash flow which has reached
“I’d like to thank our team members for their dedication to driving our business forward this quarter while working through a challenging environment,” commented Ryan Smith, LCI Industries' Group President -
Third Quarter 2024 Results
Consolidated net sales for the third quarter of 2024 were
The decrease in year-over-year net sales for the third quarter of 2024 was primarily driven by lower sales to North American marine and utility trailer OEMs and declines in wholesale shipments of motorhome RV units, partially offset by increased North American RV wholesale shipments of travel trailers and fifth-wheels and market share gains in the automotive aftermarket.
October 2024 Results
October 2024 consolidated net sales were approximately
OEM Segment - Third Quarter Performance
OEM net sales for the third quarter of 2024 were
Operating profit of the OEM Segment was
Aftermarket Segment - Third Quarter Performance
Aftermarket net sales for the third quarter of 2024 were
“Our automotive aftermarket business has continued to outperform, delivering a
Income Taxes
The Company's effective tax rate was
Balance Sheet and Other Items
At September 30, 2024, the Company's cash and cash equivalents balance was
The Company's outstanding long-term indebtedness, including current maturities, was
Conference Call & Webcast
LCI Industries will host a conference call to discuss its third quarter results on Thursday, November 7, 2024, at 8:30 a.m. Eastern time, which may be accessed by dialing (833) 470-1428 for participants in the
A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the
About LCI Industries
LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, 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 production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, 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 future pandemics, geopolitical tensions, armed conflicts, or natural disasters 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, 2023, 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) |
||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Last Twelve |
|||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Months |
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Net sales |
$ |
915,497 |
|
$ |
959,315 |
|
$ |
2,938,070 |
|
$ |
2,947,264 |
|
$ |
3,775,614 |
Cost of sales |
|
695,539 |
|
|
748,367 |
|
|
2,227,761 |
|
|
2,332,125 |
|
|
2,904,254 |
Gross profit |
|
219,958 |
|
|
210,948 |
|
|
710,309 |
|
|
615,139 |
|
|
871,360 |
Selling, general and administrative expenses |
|
166,070 |
|
|
165,358 |
|
|
508,206 |
|
|
494,332 |
|
|
666,636 |
Operating profit |
|
53,888 |
|
|
45,590 |
|
|
202,103 |
|
|
120,807 |
|
|
204,724 |
Interest expense, net |
|
6,516 |
|
|
10,325 |
|
|
23,799 |
|
|
30,968 |
|
|
33,255 |
Income before income taxes |
|
47,372 |
|
|
35,265 |
|
|
178,304 |
|
|
89,839 |
|
|
171,469 |
Provision for income taxes |
|
11,760 |
|
|
9,378 |
|
|
44,984 |
|
|
23,267 |
|
|
40,526 |
Net income |
$ |
35,612 |
|
$ |
25,887 |
|
$ |
133,320 |
|
$ |
66,572 |
|
$ |
130,943 |
|
|
|
|
|
|
|
|
|
|
|||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
1.40 |
|
$ |
1.02 |
|
$ |
5.24 |
|
$ |
2.63 |
|
$ |
5.15 |
Diluted |
$ |
1.39 |
|
$ |
1.02 |
|
$ |
5.23 |
|
$ |
2.62 |
|
$ |
5.14 |
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
25,480 |
|
|
25,340 |
|
|
25,436 |
|
|
25,293 |
|
|
25,420 |
Diluted |
|
25,558 |
|
|
25,504 |
|
|
25,477 |
|
|
25,405 |
|
|
25,498 |
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation |
$ |
17,390 |
|
$ |
18,857 |
|
$ |
53,911 |
|
$ |
55,974 |
|
$ |
72,630 |
Amortization |
$ |
13,882 |
|
$ |
14,412 |
|
$ |
42,089 |
|
$ |
42,844 |
|
$ |
56,320 |
Capital expenditures |
$ |
10,062 |
|
$ |
15,978 |
|
$ |
31,390 |
|
$ |
50,060 |
|
$ |
43,539 |
LCI INDUSTRIES SEGMENT RESULTS (unaudited) |
||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Last Twelve |
|||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Months |
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|||||
Net sales: |
|
|
|
|
|
|
|
|
|
|||||
OEM Segment: |
|
|
|
|
|
|
|
|
|
|||||
RV OEMs: |
|
|
|
|
|
|
|
|
|
|||||
Travel trailers and fifth-wheels |
$ |
369,212 |
|
$ |
363,573 |
|
$ |
1,186,324 |
|
$ |
1,032,866 |
|
$ |
1,508,843 |
Motorhomes |
|
52,800 |
|
|
65,669 |
|
|
185,258 |
|
|
206,404 |
|
|
248,210 |
Adjacent Industries OEMs |
|
262,449 |
|
|
299,225 |
|
|
867,315 |
|
|
1,006,378 |
|
|
1,139,938 |
Total OEM Segment net sales |
|
684,461 |
|
|
728,467 |
|
|
2,238,897 |
|
|
2,245,648 |
|
|
2,896,991 |
Aftermarket Segment: |
|
|
|
|
|
|
|
|
|
|||||
Total Aftermarket Segment net sales |
|
231,036 |
|
|
230,848 |
|
|
699,173 |
|
|
701,616 |
|
|
878,623 |
Total net sales |
$ |
915,497 |
|
$ |
959,315 |
|
$ |
2,938,070 |
|
$ |
2,947,264 |
|
$ |
3,775,614 |
|
|
|
|
|
|
|
|
|
|
|||||
Operating profit: |
|
|
|
|
|
|
|
|
|
|||||
OEM Segment |
$ |
21,825 |
|
$ |
11,165 |
|
$ |
105,223 |
|
$ |
29,086 |
|
$ |
93,498 |
Aftermarket Segment |
|
32,063 |
|
|
34,425 |
|
|
96,880 |
|
|
91,721 |
|
|
111,226 |
Total operating profit |
$ |
53,888 |
|
$ |
45,590 |
|
$ |
202,103 |
|
$ |
120,807 |
|
$ |
204,724 |
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|||||
OEM Segment depreciation |
$ |
13,270 |
|
$ |
14,835 |
|
$ |
41,038 |
|
$ |
43,840 |
|
$ |
55,596 |
Aftermarket Segment depreciation |
|
4,120 |
|
|
4,022 |
|
|
12,873 |
|
|
12,134 |
|
|
17,034 |
Total depreciation |
$ |
17,390 |
|
$ |
18,857 |
|
$ |
53,911 |
|
$ |
55,974 |
|
$ |
72,630 |
|
|
|
|
|
|
|
|
|
|
|||||
OEM Segment amortization |
$ |
9,996 |
|
$ |
10,550 |
|
$ |
30,426 |
|
$ |
31,204 |
|
$ |
40,802 |
Aftermarket Segment amortization |
|
3,886 |
|
|
3,862 |
|
|
11,663 |
|
|
11,640 |
|
|
15,518 |
Total amortization |
$ |
13,882 |
|
$ |
14,412 |
|
$ |
42,089 |
|
$ |
42,844 |
|
$ |
56,320 |
LCI INDUSTRIES BALANCE SHEET INFORMATION (unaudited) |
|||||
|
September 30, |
|
December 31, |
||
|
2024 |
|
2023 |
||
(In thousands) |
|
|
|
||
|
|
|
|
||
ASSETS |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
161,184 |
|
$ |
66,157 |
Accounts receivable, net |
|
319,166 |
|
|
214,707 |
Inventories, net |
|
705,439 |
|
|
768,407 |
Prepaid expenses and other current assets |
|
59,084 |
|
|
67,599 |
Total current assets |
|
1,244,873 |
|
|
1,116,870 |
Fixed assets, net |
|
443,349 |
|
|
465,781 |
Goodwill |
|
593,882 |
|
|
589,550 |
Other intangible assets, net |
|
412,818 |
|
|
448,759 |
Operating lease right-of-use assets |
|
233,225 |
|
|
245,388 |
Other long-term assets |
|
96,817 |
|
|
92,971 |
Total assets |
$ |
3,024,964 |
|
$ |
2,959,319 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||
Current liabilities |
|
|
|
||
Current maturities of long-term indebtedness |
$ |
222 |
|
$ |
589 |
Accounts payable, trade |
|
193,636 |
|
|
183,697 |
Current portion of operating lease obligations |
|
39,035 |
|
|
36,269 |
Accrued expenses and other current liabilities |
|
199,081 |
|
|
174,437 |
Total current liabilities |
|
431,974 |
|
|
394,992 |
Long-term indebtedness |
|
822,322 |
|
|
846,834 |
Operating lease obligations |
|
207,937 |
|
|
222,680 |
Deferred taxes |
|
28,631 |
|
|
32,345 |
Other long-term liabilities |
|
115,778 |
|
|
107,432 |
Total liabilities |
|
1,606,642 |
|
|
1,604,283 |
Total stockholders' equity |
|
1,418,322 |
|
|
1,355,036 |
Total liabilities and stockholders' equity |
$ |
3,024,964 |
|
$ |
2,959,319 |
LCI INDUSTRIES SUMMARY OF CASH FLOWS (unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
(In thousands) |
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
133,320 |
|
|
$ |
66,572 |
|
Adjustments to reconcile net income to cash flows provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
96,000 |
|
|
|
98,818 |
|
Stock-based compensation expense |
|
13,961 |
|
|
|
14,027 |
|
Other non-cash items |
|
4,927 |
|
|
|
4,611 |
|
Changes in assets and liabilities, net of acquisitions of businesses: |
|
|
|
||||
Accounts receivable, net |
|
(102,127 |
) |
|
|
(121,914 |
) |
Inventories, net |
|
81,166 |
|
|
|
246,155 |
|
Prepaid expenses and other assets |
|
(1,491 |
) |
|
|
31,237 |
|
Accounts payable, trade |
|
8,333 |
|
|
|
54,817 |
|
Accrued expenses and other liabilities |
|
29,599 |
|
|
|
(5,060 |
) |
Net cash flows provided by operating activities |
|
263,688 |
|
|
|
389,263 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(31,390 |
) |
|
|
(50,060 |
) |
Acquisitions of businesses |
|
(19,957 |
) |
|
|
(25,851 |
) |
Other investing activities |
|
781 |
|
|
|
4,284 |
|
Net cash flows used in investing activities |
|
(50,566 |
) |
|
|
(71,627 |
) |
Cash flows from financing activities: |
|
|
|
||||
Vesting of stock-based awards, net of shares tendered for payment of taxes |
|
(9,120 |
) |
|
|
(9,591 |
) |
Proceeds from revolving credit facility |
|
86,248 |
|
|
|
248,900 |
|
Repayments under revolving credit facility |
|
(87,766 |
) |
|
|
(414,554 |
) |
Repayments under term loan and other borrowings |
|
(26,357 |
) |
|
|
(45,767 |
) |
Payment of dividends |
|
(80,191 |
) |
|
|
(79,744 |
) |
Payment of contingent consideration and holdbacks related to acquisitions |
|
(2 |
) |
|
|
(31,857 |
) |
Other financing activities |
|
— |
|
|
|
(834 |
) |
Net cash flows used in financing activities |
|
(117,188 |
) |
|
|
(333,447 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(907 |
) |
|
|
(446 |
) |
Net increase (decrease) in cash and cash equivalents |
|
95,027 |
|
|
|
(16,257 |
) |
Cash and cash equivalents at beginning of period |
|
66,157 |
|
|
|
47,499 |
|
Cash and cash equivalents at end of period |
$ |
161,184 |
|
|
$ |
31,242 |
|
LCI INDUSTRIES SUPPLEMENTARY INFORMATION (unaudited) |
||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
||||||||||||
|
September 30, |
|
September 30, |
|
Last Twelve |
|
||||||||||||
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Months |
|
||
Industry Data(1) (in thousands of units): |
|
|
|
|
|
|
|
|
|
|
||||||||
Industry Wholesale Production: |
|
|
|
|
|
|
|
|
|
|
||||||||
Travel trailer and fifth-wheel RVs |
68.5 |
|
|
61.5 |
|
|
|
224.0 |
|
|
|
195.8 |
|
|
|
287.4 |
|
|
Motorhome RVs |
7.7 |
|
|
10.3 |
|
|
|
26.9 |
|
|
|
35.8 |
|
|
|
37.0 |
|
|
Industry Retail Sales: |
|
|
|
|
|
|
|
|
|
|
||||||||
Travel trailer and fifth-wheel RVs |
84.1 |
|
(2) |
92.0 |
|
|
|
248.1 |
|
(2) |
|
273.0 |
|
|
|
301.8 |
|
(2) |
Impact on dealer inventories |
(15.6 |
) |
(2) |
(30.5 |
) |
|
|
(24.1 |
) |
(2) |
|
(77.2 |
) |
|
|
(14.4 |
) |
(2) |
Motorhome RVs |
10.2 |
|
(2) |
11.7 |
|
|
|
31.8 |
|
(2) |
|
37.3 |
|
|
|
39.8 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Twelve Months Ended |
|
|
|
||||||||||
|
|
|
|
|
September 30, |
|
|
|
||||||||||
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
||||
Lippert Content Per Industry Unit Produced: |
|
|
|
|
|
|
|
|||||||||||
Travel trailer and fifth-wheel RV |
|
$ |
5,147 |
|
|
$ |
5,191 |
|
|
|
|
|||||||
Motorhome RV |
|
|
|
|
$ |
3,768 |
|
|
$ |
3,705 |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
September 30, |
|
December 31, |
|
||||||||||
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
||
Balance Sheet Data (debt availability in millions): |
|
|
|
|
|
|
|
|||||||||||
Remaining availability under the revolving credit facility (3) |
|
$ |
383.1 |
|
|
$ |
178.5 |
|
|
$ |
245.3 |
|
|
|||||
Days sales in accounts receivable, based on last twelve months |
|
|
30.6 |
|
|
|
29.2 |
|
|
|
30.1 |
|
|
|||||
Inventory turns, based on last twelve months |
|
|
3.9 |
|
|
|
3.3 |
|
|
|
3.5 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
2024 |
|
|
|
||||||||||
Estimated Full Year Data: |
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense |
|
|
|
|
|
|
|
|
||||||||||
Annual tax rate |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
(1) |
Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc. |
(2) |
September 2024 retail sales data for RVs has not been published yet, therefore 2024 retail data for RVs includes an estimate for September 2024 retail units. Retail sales data have historically been revised upwards in future months as various states report. |
(3) |
Remaining availability under the revolving credit facility is subject to covenant restrictions. |
LCI INDUSTRIES SUPPLEMENTARY INFORMATION RECONCILIATION OF NON-GAAP MEASURES (unaudited)
The following table reconciles net income to EBITDA and net income as a percentage of net sales to EBITDA as a percentage of net sales. |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
(In thousands) |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
35,612 |
|
|
$ |
25,887 |
|
|
$ |
133,320 |
|
|
$ |
66,572 |
|
Interest expense, net |
|
6,516 |
|
|
|
10,325 |
|
|
|
23,799 |
|
|
|
30,968 |
|
Provision for income taxes |
|
11,760 |
|
|
|
9,378 |
|
|
|
44,984 |
|
|
|
23,267 |
|
Depreciation expense |
|
17,390 |
|
|
|
18,857 |
|
|
|
53,911 |
|
|
|
55,974 |
|
Amortization expense |
|
13,882 |
|
|
|
14,412 |
|
|
|
42,089 |
|
|
|
42,844 |
|
EBITDA |
$ |
85,160 |
|
|
$ |
78,859 |
|
|
$ |
298,103 |
|
|
$ |
219,625 |
|
|
|
|
|
|
|
|
|
||||||||
Net sales |
$ |
915,497 |
|
|
$ |
959,315 |
|
|
$ |
2,938,070 |
|
|
$ |
2,947,264 |
|
Net income as a percentage of net sales |
|
3.9 |
% |
|
|
2.7 |
% |
|
|
4.5 |
% |
|
|
2.3 |
% |
EBITDA as a percentage of net sales |
|
9.3 |
% |
|
|
8.2 |
% |
|
|
10.1 |
% |
|
|
7.5 |
% |
In addition to reporting financial results in accordance with
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107937464/en/
Lillian D. Etzkorn, CFO
Phone: (574) 535-1125
E Mail: LCII@lci1.com
Source: LCI Industries
FAQ
What were LCI Industries' net sales for Q3 2024?
How much did LCI Industries' net income increase in Q3 2024?
What was LCI Industries' EBITDA for Q3 2024?
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