Lippert’s consolidated net sales for the second quarter of 2025 were $1,107.3 million, an increase of 5% from 2024 second quarter net sales of $1,054.5 million.
Net income in the second quarter of 2025 was $57.6 million, down from $61.2 million, in the second quarter of 2024.
Adjusted EBITDA in the second quarter of 2025 was $121.3 million, slightly down compared to adjusted EBITDA of $122.6 million in the second quarter of 2024.
The margin contraction was primarily driven by executive separation costs and changes in product mix for both the OEM and Aftermarket segments.
Market share gains
The increase in year-over-year net sales for the second quarter of 2025 was primarily due to a $43.4 million increase in net sales of the OEM Segment driven by sales from acquired businesses and higher North American RV sales driven by market share gains and an increased mix of higher content fifth-wheel units compared to the same period of 2024.
Net sales from acquisitions completed in the 12 months ended June 30 2025 contributed approximately $35 million in the second quarter of 2025.
July 2025 consolidated net sales were approximately $327 million, up 5% from July 2024, primarily due to sales from acquired businesses and pricing, partially offset by a decrease in RV production volume.
Rise in OEM sales
OEM net sales for the second quarter of 2025 were $839.6 million, an increase of $43.4 million compared to the same period of 2024.
Operating profit of the OEM Segment was $51.7 million in the second quarter of 2025, or 6.2% of net sales, compared to an operating profit of $50.6 million, or 6.4% of net sales, in the same period in 2024.
Results for the quarter included higher material costs for tariffs and increased freight costs, mitigated through a combination of materials sourcing strategies and targeted sales price increases.
Operating profit decline
Aftermarket net sales for the second quarter of 2025 were $267.7 million, an increase of 4% compared to the same period of 2024.
Operating profit of the Aftermarket Segment was $36.1 million in the second quarter of 2025, a decrease of $3.9 million compared to the same period of 2024.
The operating profit margin of Lippert’s Aftermarket Segment was 13.5% in the second quarter of 2025, compared to 15.5% in the same period in 2024, driven by changes in sales mix towards lower margin products, investments in capacity, distribution and logistics technology.
