PHOTO COURTESY LIPPERTLCI Industries, which supplies the RV, marine and housing industries through Lippert Components, had net sales of $1 billion in the second quarter, down 34% in year-over-year numbers. Net income was $33 million, a 78% reduction compared with the year-prior quarter.
“Our operational focus and consistent execution on diversification have remained the cornerstone of our performance, supporting solid results in light of significant year-over-year drops in wholesale shipments,” Jason Lippert, LCI Industries president and CEO, said in a statement. “Execution on diversification has continued to pay off, with strength across our aftermarket, international, marine, transportation and housing markets helping partially offset softer sales in North American RV.”
Lippert said the company is pursuing ways to reduce raw-material costs and invested more than $50 million in automation in the past 18 months.
EBITDA in the second quarter was $88.2 million, compared with $250.7 million in the same time frame a year ago.
For “adjacent industries OEM,” net sales were $349.1 million, which was down 6% due to lower sales to North American marine OEM sales. In the second quarter, North American marine OEM net sales were $95.8 million, which was down 28% year-over-year.
On June 30, the company said, the cash and cash-equivalents balance was $22.1 million, compared with $47.5 million Dec. 31. Lippert used $53.2 million for dividend payments to shareholders, $34.1 million for capital expenditures, and $25.9 million for acquisitions in the six months ended June 30.
The company also made $168.4 million in net repayments under its revolving credit facility and $10.7 million in repayments under its term loan and other borrowings in the six months ended June 30.
