NEWS RELEASES
Aftermarket And International Sales Rise In LCI 3Q
Editor's Note: This news item was retrieved and first published through Market Watch's website.
ELKHART, Ind.-- LCI Industries (LCI) reported a decrease of 3% over last year in its third quarter with net sales of $586.2 million, however net income grew to $35.8 million from $33.8 million last year. Aftermarket sales were up 16% year-over-year, growing to $74.7 million for the quarter while international sales were up 32% year-over-year, rising to $35.3 million for the quarter. LCI paid a quarterly dividend of $0.65 per share.
Domestic OEM RV sales accounted for less than 59% of the company’s total net sales for the twelve months that ended September 30, 2019, reflecting lower RV wholesale shipments, according to company executives, as LCI continues to pursue a program of diversification. "We executed further on our diversification strategy in the third quarter, again delivering notable growth in our aftermarket and international sales, which now together make up over 41 percent of our last twelve months sales,” LCI CEO Jason Lippert, said in a press release. “Importantly, we have been able to grow these businesses despite decreased recreational vehicle and marine volumes as dealers move closer to more normalized inventory levels.”
LCI’s complete Third Quarter results can be found on its investor website.
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