Lippert Components today reported sales of $529.1 million for its second quarter, ended June 30, an 8 percent decline compared to the same period a year ago. Net income was $47.5 million compared to $47.2 million a year ago.
The company said in a statement that it saw 12 percent growth in its Aftermarket division to $75.7 million, which includes many of its marine businesses, with sales declines in its OEM segment. Lippert is primarily in the recreational vehicle industry, with businesses in other industries.
The company said that its adjacent, aftermarket and international sales represented more than 40 percent of total revenues in the last 12 months. International sales were up 21 percent for the second quarter. The company has fueled its growth in the boating industry through acquisitions, including its recent purchase of Lewmar Marine.
The drop in year-over-year net sales for the second quarter was due to lower RV wholesale shipments, Lippert said. “Dealers continue to normalize their inventory levels which we believe to be in the final stages of correction, offset by continued growth in the company's aftermarket and international markets,” CEO Jason Lippert said in the statement. “Net sales from acquisitions completed by the company over 12 months ended June 30 contributed $8.6 million in the second quarter of 2019.
“As we look to the back half of 2019, while the domestic RV market will remain somewhat pressured, we believe we have the opportunity to further drive value for our shareholders through a continued focus on diversifying our business as we remain committed to core industry leadership, innovation and growth into new markets,” Lippert said.