LCI Industries - LCII STOCK NEWS

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.

LCI Industries (NYSE: LCII) announced the acquisition of 100% of Schaudt GmbH, a leading supplier of electronic controls for the European Caravan Industry. This acquisition, part of Lippert's European strategy, aims to enhance local operations in Germany and support key customers. Schaudt will serve as the hub for Lippert's German operations, aligning its technology solutions with Lippert Technologies. The acquisition is expected to strengthen customer relationships and improve service delivery in the European RV market.

LCI Industries (NYSE: LCII) will release its first-quarter 2021 financial results on May 4, 2021, before the market opens. A conference call will be held the same day at 8:30 a.m. ET, focusing on the results and business matters, with a Q&A session for institutional investors and analysts. The call can be accessed by calling specific numbers for participants in the U.S. and outside. LCI Industries provides a range of engineered components for OEMs in the recreation and transportation sectors through its subsidiary, Lippert.

LCI Industries (NYSE: LCII) has announced its acquisition of Kaspar Ranch Hand Equipment, LLC, a prominent manufacturer specializing in custom bumpers and accessories for the automotive aftermarket. This strategic acquisition aims to strengthen Lippert's position in the automotive accessory market, expanding its portfolio following the CURT Group acquisition in 2019. Ranch Hand's products are recognized for their safety features and premium quality, which are expected to complement Lippert's existing offerings. The acquisition aligns with Lippert's growth strategy and commitment to the automotive sector.

LCI Industries (NYSE: LCII) expects first quarter 2021 net sales of approximately $1.0 billion, reflecting a remarkable 50% increase from Q1 2020. This growth is driven by exceptional demand in the outdoor recreation sector. The financial results are preliminary and will be finalized in the upcoming earnings release and Form 10-Q, expected in early May 2021. President and CEO Jason Lippert highlighted the company's ability to capitalize on new growth opportunities while managing supply chain constraints.

LCI Industries (NYSE: LCII) has appointed Stephanie Mains as an independent director on its Board. Mains brings a wealth of experience, having previously served as Interim President and CEO of GE Power Conversion and President and CEO of ABB Industrial Solutions. She has held various executive roles in GE Energy and currently sits on the boards of several companies. Her extensive operational background is expected to significantly benefit LCI Industries and its stakeholders.

LCI Industries (NYSE: LCII) has promoted Eileen Pruitt to Deputy Chief Human Resources Officer and Senior Legal Counsel. In her new role, she will collaborate with Nick Fletcher, Chief Human Resources Officer, to execute global HR strategies for over 10,000 employees and manage employment-related legal matters. Pruitt, with a J.D. and B.A. from Notre Dame, previously practiced law at a national firm representing corporate clients. Her promotion aligns with Lippert’s succession planning and aims to ensure leadership continuity as the company pursues its business strategy.

LCI Industries (NYSE: LCII) has announced a quarterly cash dividend of $0.75 per share, payable on March 26, 2021, to stockholders of record on March 12, 2021. The company, through its subsidiary Lippert Components, supplies a range of engineered components primarily for recreation and transportation OEMs, including trailers, buses, and boats. This dividend reflects the company's ongoing commitment to return value to shareholders while navigating industry challenges.

LCI Industries (NYSE: LCII) reported strong financial results for Q4 and the full year 2020, achieving record annual net sales of $2.8 billion, an 18% increase from 2019. Q4 net sales rose to $783 million, a 39% increase year-over-year. Net income for 2020 was $158.4 million or $6.27 per diluted share. The company successfully navigated supply chain challenges, capitalizing on high RV demand and executing a diversification strategy through acquisitions. January 2021 net sales were approximately $309 million, up 38% from January 2020.