LCI Industries, and its wholly owned Lippert Components subsidiary, reported net sales of $1.1 billion in the second quarter, a 4% increase year-over-year. The RV and marine supplier had net income of $61 million, up from $33 million in the prior-year quarter.
EBITDA was up 39% to $123 million, and operating profit margin of 8.6% was up from 5.4% in 2023. Inventory was reduced by $142 million compared with the second quarter of 2023, and cash flow provided by operations was $439 million.
“We delivered strong second-quarter results, with revenue growth in towable RV OEM, aftermarket and certain adjacent OEM businesses while achieving over 300 basis points of operating profit margin expansion compared to second quarter of 2023,” Jason Lippert, LCI president and CEO, said in a statement. “Diversification continues to help mitigate market cyclicality and support margins, while innovation is fueling content growth. Continued expansion into new product markets is also broadening our reach, which has opened up over $12 billion in combined addressable opportunities across our business”
For July, consolidated net sales were approximately $311 million, up 6% year-over-year, though there was a 16% decline in North American marine sales. OEM net sales for the quarter were $306.2 million, down 12% year-over-year, due primarily to lower sales in North American marine and utility trailer OEMs. High inventory levels, inflation and rising interest rates also created headwinds.
