LCI Industries said second quarter revenue and profit rose as a result of more Americans embracing outdoor recreational activities, including boating.
Net sales in the quarter were $1.5 billion, an increase of 40 percent from $1.1 billion in the year-ago quarter, LCI said in a statement yesterday. Net income more than doubled in the recent quarter to $154.5 million, from $67.9 million in the second quarter of 2021.
“While RV inventories stabilize, we are confident in our ability to keep driving content and market share gains both within and outside RV OEM,” said Jason Lippert, LCI Industries president and CEO. “The widespread availability of peer-to-peer rentals, along with increasing costs of airfare and hotel lodging, have made camping, boating and RVing attractive options for vacationing.”
In the current quarter, the company said July sales were up 5 percent from July 2021, which Lippert called a “testament to diversification efforts which are helping to offset the deceleration experienced in North American RV production.”
LCI’s marine OEM sales jumped 44 percent to $132.4 million during the 12 months ended June 30 compared with the equivalent period in 2020-’21. Content per powerboat for the same period was up 71 percent year-over-year to $1,848.