Camping World, Cummins and Lippert reported second-quarter financial information, with record results the theme of the day.
Lippert in May touted its first $1 billion quarterly net sales performance in history. Tuesday, the company reported net sales reaching $1.1 billion, up 108% from the second quarter of 2020 and a new company high-water mark.
Lippert’s profits dipped slightly, to $67.9 million in the second quarter from a record $74.1 million in the first. The company attributed net sales strength to record RV retail demand and strong aftermarket sales growth.
“We delivered another incredible quarter, growing sales in the triple-digits while driving impressive content and market share gains,” LCI Industries President and CEO Jason Lippert said. “These strong results are enhanced by the success of our recent acquisitions … enabling us to continue expanding our presence as a leading supplier in the outdoor recreation space across the globe.”
Lippert said July net sales rose 25 percent from July 2020 to about $355 million.
“There remains no end in sight for the current levels of retail demand as waves of consumers enter the outdoor lifestyle, and each of our businesses are strongly positioned to capture new growth opportunities through surging demand for both new and rental units,” Lippert said. “Throughout the quarter, our teams have demonstrated remarkable agility in navigating through freight, labor, and supply chain-related headwinds impacting the entire industry, underscoring our commitment to operational excellence across our businesses as we focus on managing significant cost inflation and related pricing adjustments to maintain profitability.”
Camping World reported new quarterly records in revenue, gross profit and net income. Quarterly revenue totaled $2.062 billion, up 28% from the second quarter of 2020. Gross profits rose 55.5% to $759.8 million and net income climbed 50.8% to $246.1 million.
Finally, Cummins reported engine segment sales up 75% from the second quarter of 2020 to $2.5 billion. Engine segment earnings rose 168% from the previous year to $402 million.
“Strong demand across many of our key markets drove continued sales growth in the second quarter, particularly in North America, and resulted in solid profitability,” Cummins Chairman and CEO Tom Linebarger said. “The strength of the order board reflects robust underlying demand in many of our markets, which is remarkable considering the challenges and uncertainty we faced during this same period last year.”