LCI Industries reports sales dip, income gains as RV industry fluctuates
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Elkhart-based LCI Industries experienced a slight dip in year-over-year sales during its third quarter but still realized an increase in net income.
LCI’s subsidiary, Lippert Components Inc., is an original equipment manufacturer for transportation products, and even in an RV market that’s come down from a high in the pandemic years, LCI Jason Lippert told investors the company is still well-positioned in the market.
“We delivered a strong quarter with continued market share expansion, increased operating margins, and robust operating cash flow which has reached $402 million over the last twelve months,” Lippert wrote in the company’s third-quarter earnings report. “Our key customers have maintained and increased the amount of Lippert content across their 2025 RV models.”
The company reported net sales of $915 million in the third quarter. That number is down 5% from the third quarter of last year, though Lippert saw a 4% increase in sales in the second quarter of 2024.
LCI also reported $35.6 million in net income, which is an increase of 38% from the $25.9 million reported by the company at the same time in 2023.
LCI said the drop in sales is an indicator of the dip in the RV market overall. The report said October sales of recreational boats alone dropped 12% year over year, and North American RV production dropped by 3% in that same time.
For LCI, those declines in the overall market were offset by gains in the automotive aftermarket and travel trailers.
First announced late last year, Lippert is moving forward with a nearly $40 million distribution center in South Bend. Holladay Properties is building the warehouse, while Lippert will lease and run the building.
You can find the full earnings report here.