LCI Industries reported net sales of $973.3 million in the first quarter of 2023, a 41% decrease year-over-year compared with 2022.
Net income of $7.3 million, or 29 cents per diluted share, was down 95% and EBITDA of $52.5 million was down 83% year-over-year. The company also reported inventory reduction of $120 million compared with the prior-year quarter.
“As we navigate through this down cycle, largely driven by recent overproduction within the industry, we remain confident in the underlying strength of the outdoor lifestyle and are seeing continued retail demand coming out of spring shows,” president and CEO Jason Lippert said in a statement. “We are continuing to fortify our financial profile and have made significant progress toward our plan to reduce inventories by $300 million this year, supporting enhanced cash generation.”
North American marine OEM net sales of $119.3 million in the first quarter were down 6% year-over-year. Content per powerboat for the 12 months ended March 31 decreased 3% to $1,608. Lippert doesn’t call out its marine aftermarket, but overall aftermarket net sales of $215.1 million were down 13% year-over-year.
LCI Industries, through its wholly owned subsidiary Lippert Components, supplies OEMs in the recreation and transportation markets, including marine and RV, and related aftermarket
