Lippert reports increase in net sales in fiscal year 2018

Author:
Publish date:

LCI Industries had net sales of $2.5 billion for fiscal year 2018, a 15 percent increase over the year prior, and net income of $148.6 million, an increase of 12 percent year-over-year.

The company is increasing prices to help offset tariffs and higher commodity prices and is scaling back expenditures to increase cash flow.

“Our strategy to diversify our business through adjacent markets, the aftermarket, and internationally is clearly paying off,” said LCI CEO Jason Lippert in a statement. We saw strong growth in each of these markets, as well as a substantial increase in content per vehicle in our RV OEM segment supporting our outperformance of the industry.”

The company reported GAAP diluted earnings-per-share of $5.83, including a one-time non-cash charge related to U.S. tax reform.

Adjacent industries OEM sales grew to $614.6 million for the year, up 49 percent year-over-year.

For the fourth quarter, LCI had net sales of $536.6 million, a 2 percent decrease year-over-year.

The decrease in year-over-year net sales for the fourth quarter of 2018 reflects lower RV wholesale shipments as dealers normalize their inventory levels, offset by continued growth in the company’s adjacent industries OEM, aftermarket, and international markets.

Net sales from acquisitions completed by the company over the fiscal year contributed $59.2 million in the fourth quarter.

“While we are confident in our ability to further execute on our strategy going forward, we are cognizant of the challenges that our business and industry have faced over the last twelve months,” said Lippert. “As such, we have taken a number of actions to enhance our business in a short-term lower volume environment, including price increases to offset tariffs and higher commodity pricing and scaling back capital expenditures to boost return on investment and cash flows.” 

Related

A Collective Voice Against Tariffs

Organizations in the E.U. and U.S. have issued a statement ahead of next week’s Brussels Summit urging for the termination of retaliatory tariffs.

ABYC Free Webinar Series Returns

The association’s online learning events will continue with “Fuel System Troubleshooting” on June 17.

Getting to Know the Newbies

At last week’s Partners Outdoors symposium, RBFF’s Stephanie Vatalaro shared information that can help the marine industry get to know its new audiences.

Switching to Compostable Bags

Foul-weather gear maker Grundéns will start using eco-packaging that you can cut up and use in the garden.

Brunswick Corp. CEO to Headline Innovation Summit

David Foulkes will speak on implementation at the Sept. 9 summit, organized by Correct Craft.

Navico Hires Americas PR Manager

Navico brings its public-relations duties in-house with the hiring of Kim Rodriquez.

Galeon Expands Dealer Network

The builder looks to British Columbia-based dealer Freedom Marine to grow the brand in western Canada.

No Inventory? Now Is Not The Time to Stop Marketing

The MRAA’s Webinar “Marketing When You Have No Inventory” covered how dealers can build long-term equity with new and returning customers as demand outpaces supply.