LCI Industries has continued to experience challenging conditions as the organisation reports net sales were $915 million in its third quarter 2024, down 5% year-on-year, with a 12% decline in marine sales.
However, the organisation says it has seen market share expansion, increased operating margins, and robust operating cash flow.
The decrease in year-on-year net sales for the third quarter of 2024 was primarily driven by lower sales to North American marine and utility trailer OEMs and declines in wholesale shipments of motorhome RV units.
EBITDA in the period was $85.2 million, compared to EBITDA of $78.9 million in the third quarter of 2023.
OEM net sales for the third quarter of 2024 were $684.5 million, a decrease of $44 million compared to the same period of 2023.
Net sales
Adjacent Industries OEM net sales for the third quarter of 2024 were $262.4 million, down 12% year-on-year.
This was primarily due to lower sales to North American marine and utility trailers OEMs.
North American marine OEM net sales in the third quarter of 2024 were $60.8 million, down 16% year-over-year.
Operating profit of the OEM Segment was $21.8 million in the third quarter of 2024, or 3.2% of net sales, compared to $11.2 million.
Aftermarket net sales for the third quarter of 2024 were $231 million, in line with the same period in 2023.
“Our automotive aftermarket business has continued to outperform, delivering a 7.3% increase in sales to help offset softness in the RV and Marine aftermarkets.
“We’re also capitalising on the growing demand for replacement and repair parts by providing innovative content coupled with high quality service, setting us apart for both dealers and consumers,” explained Jamie Schnur, LCI Industries’ group president – Aftermarket.
