PHOTO COURTESY LIPPERTLCI Industries reported net sales of $838 million in the fourth quarter of 2023, down 6% year-over-year. EBITDA of $36 million was up 248% compared with the prior-year quarter. Net sales in the aftermarket segment grew 10% year-over-year, and operating profit improved by $15 million.
For the full year, net sales were $3.8 billion, a decline of 27%. Net income of $64 million was down 84% year-over-year, and EBITDA of $255 million was down 63%.
“Throughout the year, our consistent execution on diversification priorities and steadfast commitment to operational discipline has supported our performance despite continued softness in the RV and marine markets,” president and CEO Jason Lippert said in a statement.
“Remarkable strength in our aftermarket business, where we continued to see robust performance, coupled with solid results and leadership in our other diversified businesses, significantly contributed to our profitability as we navigated a challenging industry environment,” he added. “Our focus on operational improvement and investments in automation leave us well-positioned to drive profitable growth when production starts to normalize in 2024.”
Net loss for the fourth quarter was $2.4 million, or $.09 per diluted share, compared with a net loss of $17.1 million in the prior-year quarter. Net income for the full year was $64 million, down 84% year-over-year.
LCI said the year-over-year decline in net sales for the fourth quarter was driven primarily by lower North American marine production levels, lower selling prices, and lower North American RV wholesale shipments. These were partially offset by growth in aftermarket net sales and acquisitions.
Net sales from acquisitions completed in 2022 and 2023 contributed approximately $73.6 million in 2023.
OEM net sales for the fourth quarter were $658.1 million, a 10% decline year-over-year. North American marine OEM net sales in the quarter were down 41% at $64.6 million.
