LCI Industries reported a 64 percent jump in first-quarter sales, with net income more than doubling compared with the first quarter of 2021, as a result of record wholesale shipments, higher pricing and a strong aftermarket.
Consolidated net sales for the first quarter were $1.6 billion, up from $1 billion in the year-ago quarter, the parent of Lippert brands stated in its earnings report yesterday. Net income was $196.2 million, compared with $74.1 million in the year-prior quarter.
“The popularity of the outdoor lifestyle continues to be strong,” said LCI president and CEO Jason Lippert. “As inventories stabilize, we are working closely with all of our OEMs and dealers to maintain appropriate retail levels of production.”
North American marine OEM net sales of were up 49 percent, to $126.5 million, the company stated.
“We believe the wide range of innovative offerings we provide across the outdoor recreation markets has continued to be a key differentiator for LCI, accelerating and securing growth in our aftermarket and marine businesses alongside RV,” Lippert said.
The earnings release for the quarter ended March 31 included sales numbers for April. Consolidated net sales were approximately $537 million, up 47 percent from April 2021, as production increased significantly to meet elevated RV and marine retail demand, the company said.
“Our teams have done a great job in overcoming significant challenges, including labor, freight and supply-chain constraints, to meet record wholesale demand while providing excellent service to our customers,” said Ryan Smith, group president for North America.