LCI Industries’ Net Sales Show Modest Decrease in Q4 2023 – RVBusiness – Breaking RV Industry News
ELKHART, Ind. – LCI Industries (NYSE: LCII), which, through its wholly-owned subsidiary, Lippert Components Inc., supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers in the recreation and transportation markets, and the related aftermarkets of those industries, today provided select preliminary, unaudited financial results ranges for the fourth quarter of 2023.
The company expects net sales in the fourth quarter of 2023 to be in the range of $832 million to $842 million, compared to net sales of $894 million in the fourth quarter of 2022, and loss per diluted share to be in the range of $0.04 to $0.14, compared to a loss of $0.68 per diluted share for the fourth quarter of 2022, according to a release.
“As RV and marine OEMs took action during the fourth quarter to further normalize industry inventories, our results were adversely impacted by lower than expected production levels at the OEMs, including longer shutdowns at pontoon manufacturers within the marine industry. While marine production has continued to be soft as we begin 2024, RV production has shown a slow and modest start returning from the holiday shutdowns and is outpacing January 2023 levels. We expect an improving trend for RV with February orders looking stronger year-over-year, as retail shows are giving off positive sentiment,” commented LCI Industries President and Chief Executive Officer Jason Lippert.
“The strength of our diversification strategy, coupled with our tenured leadership and continued focus on operational excellence and customer experience, has proven critical as we navigate these near-term challenges,” he continued. “We remain acutely focused on taking non-strategic costs out of our business and leveraging our flexible capacity to support margin improvements. At the same time, we are delivering solid growth and performance in our Aftermarket segment and other adjacent businesses to offset weakness in the RV and marine industries. We believe our business is built to withstand these near-term pressures, and we plan to continue to invest strategically and are confident in the mid- to long-term profitable growth of our business.”
The financial result ranges included in this release are preliminary, unaudited, and are estimates based on information available to Company management as of the date of this release. These preliminary estimates are subject to change, including as a result of the completion of year-end accounting and financial reporting and audit procedures. The company’s actual results may differ materially from these preliminary estimated financial results due to a number of factors, including those that may result from the completion of our financial close process. The company expects to report complete results for the fourth quarter and full year 2023 on Feb. 13, 2024.
Conference Call & Webcast
LCI Industries will also host a conference call at 8:30 a.m. ET, Tuesday, Feb. 13, to discuss the results and other business matters.
The conference call can be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required access code 216951. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. A live webcast of the call will be available on the LCI Industries website at investors.lci1.com.
A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for those outside the U.S. and referencing access code 584031. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.
