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LCI Industries (NYSE: LCII), through its subsidiary Lippert Components, Inc., is a leading supplier of components to the recreational vehicle (RV) industry and adjacent markets. Operating out of 42 manufacturing facilities across the United States and Canada, the company plays a pivotal role in the production and maintenance of RVs by providing a comprehensive range of products designed to enhance functionality, safety, and comfort. Its diverse product portfolio includes steel chassis, axles, suspension solutions, slide-out mechanisms, thermoformed bath and kitchen products, windows, stabilizer and leveling systems, furniture, mattresses, entry doors, electronic components, and various accessories. This extensive offering positions LCI Industries as a one-stop solution for OEMs and aftermarket customers.
LCI Industries operates through two primary segments: Original Equipment Manufacturers (OEM) and Aftermarket. The OEM segment caters to manufacturers of recreational vehicles, buses, trailers for boats and livestock, pontoon boats, modular housing, and factory-built mobile office units. This segment underscores the company’s strategic focus on serving as a crucial partner to manufacturers, including industry leaders such as Thor Industries, Forest River, and Winnebago. The Aftermarket segment, on the other hand, targets end consumers and service providers, supplying replacement parts and accessories to maintain and upgrade recreational vehicles and related products.
The company’s operations extend beyond the RV industry to adjacent markets, including manufactured homes, modular housing, trailers, and marine applications. This diversification not only mitigates the risks associated with the cyclical nature of the RV industry but also allows LCI Industries to leverage its expertise in engineering and manufacturing across multiple sectors. By addressing the needs of various industries, the company has established itself as a versatile and resilient player in the broader components manufacturing landscape.
LCI Industries distinguishes itself through its commitment to innovation and quality. Its product development efforts focus on enhancing the user experience, safety, and operational efficiency of recreational vehicles and other applications. For example, its electronic and hydraulic stabilizing systems, wireless backup cameras, and energy-efficient LED lighting solutions exemplify the company’s ability to integrate cutting-edge technology into its offerings. Additionally, the company’s vertically integrated manufacturing model ensures greater control over quality and supply chain processes, further solidifying its reputation in the market.
Despite its strengths, LCI Industries operates in a competitive environment, facing challenges from other component manufacturers such as Dometic and Thetford. Its ability to maintain strong relationships with OEMs and expand its aftermarket presence is critical to sustaining its market position. The company’s operational scale, diverse product portfolio, and focus on innovation provide significant competitive advantages, enabling it to meet the evolving demands of its customers across various industries.
In summary, LCI Industries is a cornerstone of the recreational vehicle industry and a significant contributor to adjacent markets. Its dual-segment business model, extensive product offerings, and commitment to innovation and quality make it a key player in the components manufacturing sector. By serving both OEMs and aftermarket customers, the company ensures a steady revenue stream while addressing the diverse needs of its clients.
LCI Industries reported its full year 2022 results with record net sales of $5.2 billion, a 16% increase year-over-year, and net income of $395 million or $15.48 per diluted share, up 37% from 2021. EBITDA rose 34% to $682.2 million. However, the fourth quarter witnessed a 26% decline in net sales to $894.3 million and a net loss of $17.1 million resulting in a $(0.68) per diluted share. Challenges were driven by a 40% drop in RV OEM net sales, with a significant drop in North American shipments. Despite these headwinds, the company is optimistic about future growth and expects production normalization in 2023.
LCI Industries (NYSE: LCII) has released preliminary, unaudited financial results for Q4 2022, estimating net sales between
LCI Industries (NYSE: LCII) has declared a quarterly cash dividend of $1.05 per share, payable on December 16, 2022. Stockholders of record by December 2, 2022 will receive this dividend. The dividend reflects LCI's commitment to returning value to shareholders amid its operations in supplying engineered components to leading OEMs in the recreation and transportation sectors. Further details about its diverse product offerings can be found on its website.
LCI Industries (NYSE: LCII) has appointed Linda Myers as an independent director to its Board of Directors. Myers brings extensive legal and financial expertise, having previously served as a partner at Kirkland & Ellis LLP and held leadership roles in various organizations. She will be a member of several committees, including Audit and Risk. Chairman Tracy Graham expressed confidence in her abilities to add value to the company. The Board of Directors consists of multiple experienced members, each serving a one-year term until the next annual election.
LCI Industries, through its subsidiary Lippert, has acquired substantially all the business assets of Way Interglobal Network, a supplier of appliances and electronics for the RV industry. The deal strengthens Lippert's Furrion line, enhancing their R&D capabilities in North America and expanding their warehousing space to 1.6 million square feet. Notably, the Way brand will be discontinued post-acquisition, but the Everchill and Greystone brands will enrich Lippert's product offerings. This acquisition positions Lippert as a leading innovative appliance supplier in the RV market.
LCI Industries (NYSE: LCII) announced the resignation of Brian Hall, Executive Vice President and Chief Financial Officer, effective June 2023. Hall is leaving to pursue philanthropic endeavors and spend more time with his family. He will assist in the transition until a successor is appointed. The company's President, Jason Lippert, acknowledged Hall's significant contributions to LCI, particularly in executing its diversification strategy. The Board has initiated a search for Hall's replacement to ensure a smooth transition.
LCI Industries reported third quarter 2022 net sales of $1.1 billion, reflecting a 3% decline from the prior year. Net income was $61.4 million, or $2.40 per diluted share, also down 3% year-over-year. EBITDA rose to $119.8 million, a 2% increase. Notably, net sales in adjacent markets surged 20%, contributing positively. The company's cash reserves fell to $23.4 million from $62.9 million at year-end 2021, with long-term debt at $1.1 billion. A conference call is scheduled for November 1, 2022.
LCI Industries (NYSE: LCII) will release its third-quarter 2022 financial results on November 1, 2022, prior to market opening. The company will also host a conference call at 8:30 a.m. ET on the same day to discuss the results and other business matters, including a Q&A session for institutional investors and analysts. Participants can access the call by dialing specific numbers based on their location. A replay will be available for two weeks. LCI, through its subsidiary Lippert, supplies engineered components for the recreation and transportation markets, including recreational vehicles and related aftermarkets.
LCI Industries (NYSE: LCII) will host an Investor Briefing on September 28, 2022, from 9:00 a.m. to 12:00 p.m. ET at the Furrion Innovation Center in Elkhart, Indiana.
The event will feature presentations by executive leadership, including Jason Lippert, CEO, and Brian Hall, CFO, outlining the company's long-term growth strategy and financial targets. A live Q&A and a panel discussion on outdoor recreation trends will also be included. Investors can access the event's live webcast on LCI Industries' investor website.
LCI Industries has announced a regular quarterly cash dividend of $1.05 per share, payable on September 16, 2022, to stockholders of record by September 2, 2022. The company, through Lippert Components, supplies a broad range of engineered components for OEMs in the recreation and transportation markets. This dividend reflects LCI's commitment to returning value to its shareholders while supporting its operational growth and market presence.
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