PHOTO COURTESY LIPPERTLCI Industries announced third-quarter consolidated net sales of $1.1 billion, a decrease of 3% compared with net sales of $1.2 billion in 2021.
Net income for the quarter was $61.4 million, or $2.40 per diluted share, compared with $63.4 million and $2.49 per diluted share a year ago. EBITDA increased $1.9 million to $119.8 million, or 2% year over year.
North American marine OEM net sales were $125.1 million, a 22% increase compared with the year-prior quarter. Content per powerboat for the 12 months ended Sept. 30 increased 46% to $1,792.
“Our results continue to demonstrate the effectiveness of our diversification strategy, which has positioned Lippert to maintain strong performance during a downturn in RV demand,” LCI Industries president and CEO Jason Lippert said in a statement. “During the third quarter, we delivered growth in adjacent markets and leveraged our flexible cost structure to support profitability.”
As of Sept. 30, the company’s cash and cash equivalents balance was $23.4 million, compared with $62.9 million at the end of 2021. It used $103.7 million for capital expenditures, $76.3 million for dividend payments to shareholders, and $55.7 million for acquisitions in the first nine months of 2022.
“We believe we are well-positioned to manage through a challenging economic environment to advance our business and drive long-term shareholder value,” Lippert said.
