Third quarter consolidated net sales for Lippert Components’ parent company LCI Industries were $604 million, a 9 percent increase over 2017 third quarter net sales of $555 million.
Net income in the third quarter of 2018 was $33.8 million, or $1.33 per diluted share, compared to net income of $32.1 million, or $1.26 per diluted share, in the third quarter of 2017.
"We achieved 9 percent sales growth in the third quarter, despite a 12 percent decline in RV wholesale shipments, compared to the same quarter of the prior year," said LCI CEO Jason Lippert in a statement. "Our continued sales growth is reflective of our ongoing strategy to diversify our business into adjacent markets, the aftermarket segment and international sales, which now make up 34 percent of our last 12 months’ sales, up from 28 percent one year ago.”
Net sales from acquisitions completed by the LCI over the 12 months, which include components manufacturer Taylor Made, contributed $56 million in the third quarter of 2018.
“October 2018 consolidated net sales were approximately $212 million, up 1 percent from October 2017, despite a slowing of RV OEM production levels as they continue to balance dealer inventory levels,” said Lippert.
Company directors authorized the repurchase of up to $150 million worth of LCI common stock.