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LCI Industries reports developments tied to its Lippert engineered-components business in recreation and transportation markets. The company supplies original equipment manufacturers and aftermarket customers, with product demand connected to RVs and adjacent markets such as trailers, buses, trucks, pontoon boats, manufactured homes and modular housing.
Recurring LCII news covers quarterly results, margin and revenue drivers, OEM production trends, aftermarket growth, content-per-unit metrics, operational efficiency initiatives and capital returns through cash dividends. Company updates also include investor conference participation, earnings call scheduling and other corporate communications affecting its public-company profile.
LCI Industries (NYSE: LCII) announced the appointment of Lillian D. Etzkorn as Executive Vice President and Chief Financial Officer effective April 17, 2023. She replaces Brian Hall, who will retire to focus on philanthropy and family but will remain in an advisory capacity for a smooth transition. Etzkorn brings extensive experience in financial leadership from previous roles at Covia, Shiloh Industries, and Dana Holding Corporation. Her appointment is seen as a strategic move to enhance profitability and cash generation for LCI. Jason Lippert, President and CEO, expressed confidence in her ability to drive the company's growth strategy.
LCI Industries (NYSE: LCII) has declared a quarterly cash dividend of $1.05 per share, payable on March 24, 2023, to stockholders of record as of March 10, 2023. The company, through its subsidiary Lippert Components, provides engineered components for original equipment manufacturers in the recreation and transportation sectors. This dividend announcement reflects LCI's commitment to returning value to shareholders while maintaining its business stability in a competitive landscape.
LCI Industries reported its full year 2022 results with record net sales of $5.2 billion, a 16% increase year-over-year, and net income of $395 million or $15.48 per diluted share, up 37% from 2021. EBITDA rose 34% to $682.2 million. However, the fourth quarter witnessed a 26% decline in net sales to $894.3 million and a net loss of $17.1 million resulting in a $(0.68) per diluted share. Challenges were driven by a 40% drop in RV OEM net sales, with a significant drop in North American shipments. Despite these headwinds, the company is optimistic about future growth and expects production normalization in 2023.
LCI Industries (NYSE: LCII) has released preliminary, unaudited financial results for Q4 2022, estimating net sales between $890 million to $900 million and a loss per diluted share ranging from $0.62 to $0.73. The company attributes these outcomes to RV OEMs adjusting production levels due to decreased retail demand, prompting operational and manufacturing cost alignments. Despite short-term challenges, LCI remains optimistic about core RV demographics and expects production rates to normalize in the latter half of 2023. Complete financial results will be reported on February 14, 2023.
LCI Industries (NYSE: LCII) has declared a quarterly cash dividend of $1.05 per share, payable on December 16, 2022. Stockholders of record by December 2, 2022 will receive this dividend. The dividend reflects LCI's commitment to returning value to shareholders amid its operations in supplying engineered components to leading OEMs in the recreation and transportation sectors. Further details about its diverse product offerings can be found on its website.
LCI Industries (NYSE: LCII) has appointed Linda Myers as an independent director to its Board of Directors. Myers brings extensive legal and financial expertise, having previously served as a partner at Kirkland & Ellis LLP and held leadership roles in various organizations. She will be a member of several committees, including Audit and Risk. Chairman Tracy Graham expressed confidence in her abilities to add value to the company. The Board of Directors consists of multiple experienced members, each serving a one-year term until the next annual election.
LCI Industries, through its subsidiary Lippert, has acquired substantially all the business assets of Way Interglobal Network, a supplier of appliances and electronics for the RV industry. The deal strengthens Lippert's Furrion line, enhancing their R&D capabilities in North America and expanding their warehousing space to 1.6 million square feet. Notably, the Way brand will be discontinued post-acquisition, but the Everchill and Greystone brands will enrich Lippert's product offerings. This acquisition positions Lippert as a leading innovative appliance supplier in the RV market.
LCI Industries (NYSE: LCII) announced the resignation of Brian Hall, Executive Vice President and Chief Financial Officer, effective June 2023. Hall is leaving to pursue philanthropic endeavors and spend more time with his family. He will assist in the transition until a successor is appointed. The company's President, Jason Lippert, acknowledged Hall's significant contributions to LCI, particularly in executing its diversification strategy. The Board has initiated a search for Hall's replacement to ensure a smooth transition.
LCI Industries reported third quarter 2022 net sales of $1.1 billion, reflecting a 3% decline from the prior year. Net income was $61.4 million, or $2.40 per diluted share, also down 3% year-over-year. EBITDA rose to $119.8 million, a 2% increase. Notably, net sales in adjacent markets surged 20%, contributing positively. The company's cash reserves fell to $23.4 million from $62.9 million at year-end 2021, with long-term debt at $1.1 billion. A conference call is scheduled for November 1, 2022.
LCI Industries (NYSE: LCII) will release its third-quarter 2022 financial results on November 1, 2022, prior to market opening. The company will also host a conference call at 8:30 a.m. ET on the same day to discuss the results and other business matters, including a Q&A session for institutional investors and analysts. Participants can access the call by dialing specific numbers based on their location. A replay will be available for two weeks. LCI, through its subsidiary Lippert, supplies engineered components for the recreation and transportation markets, including recreational vehicles and related aftermarkets.