Lippert Q3 sales down 3 percent

The company is relying on aftermarket and international sales to offset declines in OEM sales in RV and marine.
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Lippert Components today reported third-quarter sales of $586.2 million, a 3 percent decrease compared to the same period a year ago. Net income was up to $35.8 million compared to $33.8 million a year ago.

The company said in a statement that sales for its “Adjacent Industries OEMs,” which includes marine, rose to $162.6 million compared to $157.9 million a year ago. Aftermarket sales were up 16 percent to $74.7 million for the quarter. International sales were up 32 percent to $35.3 million.

“We executed further on our diversification strategy in the third quarter, again delivering notable growth in our aftermarket and international sales, which now together make up over 41 percent of our last 12 months’ sales,” Jason Lippert, CEO, said in the statement. “Importantly, we have been able to grow these businesses despite decreased recreational vehicle and marine volumes as dealers move closer to more normalized inventory levels.”