LCI Industries, a a leading supplier of engineered components to the recreation and transportation markets, today reported an increase of 8% from 2024 first quarter net sales, to net sales of $49.4 million. Photo from Manufacturing Outlook.

News Release

ELKHART — LCI Industries Inc., the parent company of recreational vehicle manufacturer Lippert, has announced a net profit of $49.4 million in the first quarter, compared to $36.5 million in the same period last year.

CEO Jason Lippert said that, despite the ongoing macroeconomic conditions, the 35% increase exceeded expectations.

The Elkhart-based company also posted a net turnover of 1 billion dollars, up 8% year-on-year. Lippert credited the company’s operational flexibility and cost-management for the results.

“Our first quarter results also demonstrated the agility of our operations, as we scaled production to support modest RV inventory rebuilding and drove 20% sales growth in our North American RV OEM business,” said Lippert. “This performance reinforces our confidence in the long-term potential of our approach.”

Lippert reported that LCI Industries is moving towards its goal of reaching $5 billion in organic revenue by 2027.

In a conference call with investors, Ripert said that tariffs are a topic of key interest not only for consumers but also for LCI. He said the company is working to reduce the impact of tariffs through various measures.

In 2024, of the roughly 35% of raw materials and components imported from outside the United States, about two-thirds came from China. Lippert said that by the end of the year, the number of materials from China will be around 10% as the company moves production to “strategically favorable regions.”

“The most important point to note is that we have navigated tariffs and other impactful challenges before, and we have the experienced leadership team in place to do it again with a successful result,” Lippert explained. “In the meantime, we’re moving quickly, engaging in supplier negotiations and supplier repositioning to continue to diversify our supply chain and manage inventory timing.”

Lippert pointed out that the company’s mitigation measures include sharing some of the tariff costs with suppliers and increasing prices for consumers. This can be between 3% and 9%, but specific details on what goods and services would see an increase — and by how much — were not given.

Lippert continued, “One of the other things we’re doing with the OEMs on our end is making sure that we’re working through some excess and obsolete inventory, to help them maybe make some substitutions in the near term that’ll help their cost structures avoid some of the tariffs.”

Click here to read the full earnings report.