LCI Industries and subsidiary Lippert Components shared earnings data and other financial information for the second quarter 2020 today.
Lippert Components supplies components for leading RV manufacturers and other specialty vehicles, and the related aftermarkets of those industries. Lippert announced its preliminary data for Q2, showing the company expects net sales in a range of $515 million to $530 million.
“Increased demand for RVs drove accelerated outdoor recreational products sales, which was well ahead of increasingly bullish expectations as we moved through the early part of the second quarter,” said Jason Lippert, LCI Industries president and CEO. “In this post-COVID environment, RVs continue to be one of the safest ways for American families to take a vacation. Underscoring this strength, a recent RVIA survey reported that 46 million people intend on taking a trip in an RV in the next 12 months. As we have continued to say – our long-term fundamentals are strong, and our sales are being further propelled by the consumer’s desire to find safe, alternative outdoor activities that allow them to spend time with family but also practice social distancing. I am very proud of our teams, who have managed better than we could have ever expected to meet the heavy demand for RVs and boats through both the shutdown of our production facilities and the effective restart and ramp as state and local economies have begun to re-open.”
Lippert said he is confident the industry will have a strong return after the coronavirus pandemic.
“While only time will tell the ultimate trajectory of the COVID-19 pandemic, I am confident that our industry will be even better positioned in a post-COVID world due to a more favorable environment for outdoor recreational products,” he said. “Furthermore, as an organization, we continue to position LCI to deliver innovative products to our customers and drive long-term growth.”