Lippert Components today reported sales of $564 million, a 5 percent increase compared to the same period a year ago. Net income was up $28.8 million, or $1.14 per diluted share in the fourth quarter, compared to $20.1 million a year ago.
The company does not break out marine but includes it in its Adjacent Industries OEM and Aftermarket categories. Adjacent sales for the quarter were up 8 percent to $158 million, compared to a year ago. Aftermarket was up 35 percent to $68.8 million. International sales rose 58 percent to $45.4 million.
Lippert’s full-year 2019 sales were $2.4 billion, down 4 percent compared to fiscal 2018. Net income was $146.5 million compared to $148.6 million a year ago.
“In 2019, we significantly advanced LCI's diversification through seven strategic acquisitions by investing nearly $450 million, including our largest acquisition to date, CURT Group, which effectively doubled the size of our aftermarket business and accelerated our path to becoming a dominant leader in the space,” said LCI CEO Jason Lippert in a statement.
Lippert added that in 2020, the company is “maintaining our focus on delivering new, innovative products, leveraging our core competencies in adjacent markets, driving operational efficiencies, and realizing synergies from these recent acquisitions.”