Lippert Blows Past Expectations

A picture of Lippert President and CEO Jason Lippert

Lippert’s best financial first quarter in company history blew away analysts’ expectations.

Lippert reported record revenue and earnings in the first quarter of 2022. Its operating earnings-per-share of $7.71 was 55% above consensus analysts’ estimates of $4.99.

Company revenues totaled $1.6 billion, up 64% from the first quarter of 2021. Net profits rose 165% from the first quarter of 2021 and adjusted earnings rose 139% from the first quarter of 2021.

“We delivered exceptional results in the first quarter, achieving record revenue and EBITDA as we carried forward our momentum from the prior year,” company President and CEO Jason Lippert said. “This tremendous performance has also been supported by our culture of operational excellence, coupled with our ongoing focus around scalability, continuous improvement, and automation, which have helped us expand profitability while managing through ongoing macroeconomic headwinds.”

Lippert’s content per travel trailer/fifth wheel for the 12 months ending March 31 reached a record $4,854. The total is 40% higher than the 12 months ending March 31, 2021. Lippert attributed the increase to organic growth, raising prices and introducing new products.

“The popularity of the outdoor lifestyle continues to be strong. As inventories stabilize, we are working closely with all of our OEMs and dealers to maintain appropriate retail levels of production,” Jason Lippert said. “We believe our hard work and focus on driving operational excellence throughout our business have positioned LCI for continued strong performance in changing production environments.”

RV OEM sales accounted for 56% of Lippert’s revenue the 12 months ending March 31. RV net sales rose 90% year-over-year to nearly $1 billion ($997.8 million). Lippert first recorded $1 billion in revenue across all product lines in the first quarter of 2021.

Lippert said market share gains and record wholesale shipments drove RV OEM revenue higher the previous 12 months.

“We believe the wide range of innovative offerings we provide across the outdoor recreation markets has continued to be a key differentiator for LCI,” Jason Lippert said.

Lippert reported spending $50.1 million on acquisitions in the first quarter of 2022.

“Our teams have done a great job in overcoming significant challenges, including labor, freight, and supply chain constraints, to meet record wholesale demand while providing excellent service to our customers,” company Group President Ryan Smith said. “We look forward to continuing this amazing progress as we advance in 2022.”

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