Marine and RV components supplier LCI Industries had first-quarter net sales of $968 million, a 1% decline in year-over-year. Net income was $36.5 million, up from $7.3 million in the first quarter of 2023.
The company said in a statement that the decline in net sales was primarily driven by lower North American marine production levels and decreased selling prices, which are indexed to select commodities, mostly offset by increased North American RV wholesale shipments.
EBITDA in the first quarter was $90.3 million, compared with $52.5 million in the prior-year quarter. Aftermarket segment operating profit margin was 11.8% in the quarter, up from 9.7% a year ago.
“We delivered solid results in the first quarter, starting the year with healthy EBITDA generation and margin expansion supported by our strong operational focus and improved material costs,” president and CEO Jason Lippert said in the statement. “As we continue to diversify our business, strength in some of our growing markets, like automotive aftermarket, housing and our transportation businesses, has consistently lifted profitability while adding a layer of durable, countercyclical revenue streams. We believe that our diversified markets will remain important drivers of Lippert’s profitable growth into the future.”
OEM net sales for the first quarter were $758.3 million, an increase of $0.1 million compared with the same period a year ago. North American marine OEM net sales were $65.4 million, down 45% year-over-year. RV OEM net sales were $459.6 million, up 15% year-over-year.
Aftermarket net sales for the quarter were $209.7 million, down 3% year-over-year, primarily driven by lower volumes within marine markets and the impacts of inflation and elevated interest rates on discretionary consumer spending.
