With extraordinary demand in the RV and marine markets continuing, Lippert Components parent LCI Industries reported a record second quarter.
The OEM component supplier said in a statement that net sales for its 2021 second quarter rose 108 percent to $1.1 billion. Net income surged 415 percent to $67.9 million, or $2.67 per diluted share, compared with $13.2 million, or $0.52 per diluted share, in the year-prior quarter.
LCI said strong demand in the RV market and aftermarket sales were the primary drivers for the quarter. RV OEM sales in North America hit $548.6 million, up 151 percent, with aftermarket sales increasing 45 percent to $229 million.
In addition, LCI said acquisitions in the outdoor space completed during the last year attributed $54 million in net sales to the quarter. In comparison, the company said last year’s pandemic-related shutdowns had a negative impact on its second quarter of 2020.
President and CEO Jason Lippert cited his teams’ strong performance despite continued supply-chain issues.
“Our teams have demonstrated remarkable agility in navigating through freight, labor and supply chain-related headwinds impacting the entire industry, underscoring our commitment to operational excellence across our businesses,” Lippert said. “I could not be more pleased with our performance and continued growth trajectory.”
Lippert referenced the demand in the RV sector, as the company hit a record 151,800 shipments in the second quarter and a record 300,300 shipments through June.
“There remains no end in sight for the current levels of retail demand as waves of consumers enter the outdoor lifestyle, and each of our businesses is strongly positioned to capture new growth opportunities through surging demand for both new and rental units,” Lippert said.