In the first quarter of 2021, Lippert Components recorded its first quarter with at least $1 billion in revenue. In the second quarter of 2021, as RV manufacturing slowed, Lippert’s record financial reporting run continued.
LCI Industries racked up $1.5 billion in revenue in the second quarter of 2022, the company said Tuesday. The total is the second-highest quarterly revenue ever reported, falling just shy of the $1.6 billion totaled in the first quarter of 2022, and the best second quarter on record.
Sales rose 40% from the second quarter of 2021. Profits rose 128% in the second quarter from the second quarter of 2021 to $154.5 million, the best second quarter ever and second only to the first quarter of 2022 ($196.2 million) in company history.
Adjusted earnings rose 108% from the second quarter of 2022 to $250.7 million, the best second quarter ever.
Lippert’s content per travel trailer/fifth wheel rose to a record $5,382 for the 12 months ending June 30. The total is 49% higher than the 12-month period ending June 30, 2021.
“We continued to execute on strategic priorities to deliver strong results in the second quarter … as we navigate a challenging operating environment,” LCI Industries President and CEO Jason Lippert said. “While RV inventories stabilize, we are confident in our ability to keep driving content and market share gains both within and outside RV OEM. The widespread availability of peer-to-peer rentals, along with increasing costs of airfare and hotel lodging, have made camping, boating and RVing attractive options for vacationing. We believe our diverse portfolio has positioned us for long-term growth as we capture tailwinds related to the ongoing popularity of the outdoor lifestyle.”
Lippert cited numerous factors contributing to higher sales. The company said price realization – higher pricing related to inflation – was a factor along with market share gains, acquisitions and increased wholesale shipments. Wholesale RV shipments through June 30 were 7.8% higher than they were through the first six months of 2021, RVIA reported.
Factors contributing to per-RV increases included organic growth through pricing and new product introductions, market share gains and acquisitions.
Strong performance continued in July, Lippert said. Net sales were up 5% from July 2021, on pace to be the fifth-highest revenue total in company history. Lippert said the results demonstrated positive trends as the company moves into the second half of 2022. The supplier said results were a testament to diversification efforts helping offset RV manufacturing deceleration.