LCI Industries reports full-year gains
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Elkhart-based LCI Industries (NYSE: LCII) is reporting record full-year net income of $395 million, up from $288 million during 2021. CEO Jason Lippert says despite headwinds during the fourth quarter as OEMs implemented production shutdowns, diversification and staffing actions helped mitigate the impact on earnings.
The RV components manufacturer is also reporting a fourth quarter net loss of $17.1 million, compared to net income of $82.3 million during the same period last year.
“We expect these efforts will limit margin pressure as we move through 2023, but we did incur severance-related and inventory reserve costs in the fourth quarter,” said Lippert. “Despite persistent macro-economic headwinds, we remain confident for the future as millions of campers continue to enjoy the outdoor lifestyle.”
Lippert says he expects production levels to normalize this year.
“Although we expect strong organic growth within RV, we believe this down cycle will be different than the last as our marine, adjacent and aftermarket markets continue to support our diversification strategy,” Lippert said.
You can connect to the full earnings report by clicking here.