COURTESY LIPPERTLippert and parent company LCI Industries, a supplier of engineered components to the recreation and transportation markets, today reported fourth quarter and full-year 2024 financials.
For the quarter, net sales were $803 million, down 4% year-over-year. Net income was $9.5 million, up from a net loss of $2.4 million in the fourth quarter of 2023. The company increased its quarterly dividend to $1.15 per share.
The quarterly decrease in year-over-year net sales was primarily driven by lower sales to North American marine and utility trailer OEMs.
“Lippert demonstrated continued market leadership and resilience in 2024, leveraging cost savings and operational improvements to increase EBITDA by $89 million over 2023,” CEO Jason Lippert said in a statement. “This performance came despite a challenging RV and marine industry backdrop, as meaningful investments toward innovations like our Touring Coil Suspension, anti-lock braking systems, our Chill Cube revolutionary RV air conditioning system, and our new RV window series fueled content expansion and further market share gains.”
For fiscal-year 2024, net sales were $3.7 billion, down 1% year-over-year, and net income was $143 million, up 123% year-over-year. The company reported a strong liquidity position at year’s end, with $166 million of cash and cash equivalents.
