Continued strong demand in the recreational vehicle, marine and aftermarket segments led Lippert Components parent LCI Industries to another consecutive record quarter. The OEM supplier said in a statement that net sales rose 41 percent to $1.2 billion for the third quarter.
RV and adjacent industries OEM sales in North America were $946.2 million, up 47 percent, with aftermarket sales increasing 18 percent to $219 million. LCI said net sales from acquisitions completed during the last year contributed approximately $79 million to the quarterly results.
“Historic levels of new consumers are continuing to take advantage of the outdoor lifestyle, and our aftermarket business is poised to benefit from the repair, replacement and upgrade cycles for the record number of RVs currently entering the market,” president and CEO Jason Lippert said in the statement.
Lippert expects the company’s August acquisition of Furrion to drive growth and innovation. Furrion forecasted net sales of $230 million for this year.
“We posted strong results in the third quarter considering significant cost pressures related to raw materials, freight and labor,” Lippert said. “Our teams have continued to do an excellent job in managing the ongoing supply chain challenges to drive organic growth while meeting commitments to our valued customers.”
The addition of Furrion “will further enhance our product innovation initiatives while advancing our footprint into new markets, allowing us to become a more dynamic supplier in the recreation space globally,” Lippert added.