LCI Industries Reports Preliminary 4th Quarter 2022 Results

ELKHART, Ind. – LCI Industries (NYSE: LCII) (Lippert) has provided select preliminary, unaudited financial results ranges for the fourth quarter of 2022, according to a release. The company expects net sales in the fourth quarter of 2022 to be in the range of $890 million to $900 million, and loss per diluted share to be in the range of $0.62 to $0.73.

Jason Lippert

“During the fourth quarter, RV OEMs made larger-than-anticipated adjustments to production levels by taking a collective month of production down in order to normalize inventories as retail demand slowed, which had an adverse impact on our results. In response, we moved quickly to align our operations and manufacturing costs to current market conditions in order to support profitability in 2023, and as a result, we incurred severance-related and inventory reserve costs in the fourth quarter,” commented Jason Lippert, LCI Industries’ president and chief executive officer. “Despite these near-term impacts, we believe that our core RV demographics remain strong, and that RV dealer inventories are starting to come down. We anticipate RV OEM production to return to run rates more consistent with 2019 levels in the back half of 2023.”

“The non-RV related parts of our business where we have been successfully driving diversification are proving more resilient, and we anticipate a rebound in aftermarket as parts supply improves across the industry. Additionally, our teams continue to drive new innovative products to support future growth,” Lippert continued. “In the interim, our experienced leadership team is taking prudent action, adjusting our cost structure while executing on our proven diversification strategy to minimize the impact of softened RV demand, drive sustainable growth, and generate long-term shareholder value.”

The financial results 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 of 2022 on Feb. 14, 2023.

Conference Call & Webcast

LCI Industries will host a conference call to discuss its fourth quarter and full-year 2022 results at 8:30 a.m. ET, Tuesday, Feb. 14, 2023, which may be accessed by dialing (844) 200-6205 for participants in the U.S. and (226) 828-7575 for those in Canada or (929) 526-1599 for participants outside the U.S./Canada using the required conference ID 537233. 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. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the company’s website, www.investors.lci1.com.

A replay of the conference call will be available for two weeks by dialing (929) 458-6194 for participants in the U.S. and (226) 828-7578 for those in Canada or (204) 525-0658 for participants outside the U.S./Canada and referencing access code 829204. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

Source: https://rvbusiness.com/lci-industries-reports-preliminary-4th-quarter-2022-results/