Lippert Components Inc. yesterday announced third-quarter results for its 2024 fiscal year.
The engineered-component manufacturer of parts and equipment for the marine and RV markets, including Taylor Made, Lewmar and Trend Marine brands, posted net sales of $915 million for the third quarter, down 5% from the year-ago quarter. The decrease in year-over-year net sales was primarily driven by lower sales to North American marine and utility trailer OEMs and declines in wholesale shipments of motorhome RV units, the company said in a statement.
Net income rose to $35.6 million, up 38%, and operating profit margin increased to 5.9% from 4.8% in the year-ago quarter.
“Despite a challenging RV and marine industry backdrop, we delivered a strong quarter with continued market share expansion, increased operating margins, and robust operating cash flow which has reached $402 million over the last twelve months,” said Jason Lippert, president and CEO of LCI Industries, the parent company of Lippert Components, in the statement.
The company reported continued softness in marine sales, with October 2024 consolidated net sales of approximately $330 million, down 4% from October 2023, primarily due to an approximate 12% decline in marine sales and an approximate 3% decrease in North American RV production compared to October 2023.
The company also reported a strong liquidity position at the quarter’s end, citing $161 million in cash and cash equivalents and $383 million of availability on a revolving credit facility as of Sept. 30, 2024.
