Lippert continued to benefit from unprecedented demand in the recreational vehicle and marine markets, reporting record revenue for its first fiscal quarter.
In what president and CEO Jason Lippert referred to as a “watershed moment,” consolidated net sales for the quarter were $1 billion, a 52 percent increase compared with the same period a year prior.
Net income surged 163 percent to $74.1 million, good for $2.93 per diluted share. In the first quarter of 2020, Lippert reported net income of $28.2 million, or $1.12 per diluted share.
The primary driver for the jump in net sales was record RV retail demand and strong sales growth in the aftermarket. RV OEM sales hit $526 million in the period, up 59 percent year over year, and sales in the aftermarket segment were up 45 percent to $184 million.
“The wave of customers continuing to stream into the RV lifestyle is fueling one of the largest replacement cycles the industry has ever seen,” Lippert said. “This will undoubtedly serve as an additional tailwind to our already successful and fast-growing aftermarket business, which has nearly tripled in size over the last three years.”
While comparisons are skewed for April on a year-over-year basis — last year net sales plummeted because of widespread Covid-19 shutdowns — the company said last month’s net sales increased by 522 percent to $365 million.
“Our team’s agility, combined with our robust operational capabilities, allowed us to capitalize on the extraordinary demand across the outdoor recreation space to capture new growth opportunities and expand market share,” Lippert said.
“With heightened retail demand showing no signs of slowing and a long runway to get dealer inventories back to more normalized levels, Lippert is incredibly well-positioned as we move through 2021 and beyond,” he added.