Components manufacturer Lippert Industries this morning released its financial results for the second quarter.
Net sales were up 5% from the year-ago quarter to $1.1 billion. Net income was $58 million, or $2.29 per diluted share, which was down from $61 million year-over-year. Adjusted EBITDA during the quarter was $121 million, down 1%. The company reported cash flow of $340 million for the period ended June 30.
“We delivered strong second quarter results, led by our innovative portfolio and competitive moat, which together fueled share gains across key categories and generated 5% sales growth with 2% organic content growth,” president and CEO Jason Lippert said in a statement. “Additionally, we tightened our supply chain, cut indirect spend and further optimized our footprint, which supported an EBITDA margin of 11%, a sequential expansion of 40 basis points.”
According to the statement, the increase in year-over-year net sales for the second quarter was primarily due to a $43.4 million increase in net sales for the OEM segment, driven by sales from acquired businesses and higher North American recreational vehicle sales. RV sales were driven by market share gains and an increased mix of higher content, fifth-wheel units compared with the same period a year ago.
The company did not provide forward-looking guidance for the remainder of the year.
