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LCI Industries Reports Second Quarter Financial Results

Diversification and operational focus leads to sequential margin expansion

Second Quarter 2023 Highlights

  • Net sales of $1.0 billion in the second quarter, down 34% year-over-year
  • Net income of $33 million, or $1.31 per diluted share, in the second quarter, down 78% year-over-year
  • EBITDA of $88 million, down 65% year-over-year
  • Continued execution of diversification strategy with North American RV OEM net sales less than 42% of total net sales for twelve months ended June 30, 2023
  • Inventory reduction of $200 million year-to-date through June 30, 2023
  • Net repayments of long-term indebtedness of $179 million year-to-date through June 30, 2023.
  • Quarterly dividend of $1.05 per share paid, totaling $27 million in the second quarter

LCI Industries (NYSE: LCII) which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation, transportation products, and housing markets, and the related aftermarkets of those industries, today reported second quarter 2023 results.

“Our operational focus and consistent execution on diversification have remained the cornerstone of our performance, supporting solid results in light of significant year-over-year drops in wholesale shipments. Execution on diversification has continued to pay off, with strength across our aftermarket, international, marine, transportation, and housing markets helping partially offset softer sales in North American RV. Specifically, we saw meaningful margin expansion in our Aftermarket segment for the quarter,” commented Jason Lippert, LCI Industries’ President and Chief Executive Officer. “Further, our leadership teams have been hard at work to right-size the business, implementing hundreds of continuous improvement projects, kicking off sourcing initiatives to capture lower raw material costs, and investing over $50 million in automation over the past 18 months to drive new efficiencies. These actions, combined with reduced commodity and freight expenses, have put our cost structure into better alignment, leading to another quarter of sequential margin expansion.”

“We are continuing to flex operations to align capacity and labor with shifting OEM production schedules, while also supporting the areas of our business that remain strong. With significant inventory reductions year-to-date, we are generating sufficient cash to pay down debt and further strengthen our balance sheet amidst uncertain operating conditions,” Lippert continued.

“The demand environment is improving, with order forecasts trending slightly upwards from the last quarter, dealer destocking beginning to slow, and older inventory clearing out as the latest models enter the market. Millions more campers hit the road this Memorial Day and Fourth of July versus 2022, and with RV trips being almost 50% cheaper versus traditional modes of vacation, we see a bright road ahead of for the future of the outdoor lifestyle. Most importantly, we would like to give a heartfelt thank you to our team members for their commitment to driving our business forward and managing through a very challenging environment this quarter,” Lippert concluded.

Second Quarter 2023 Results

Consolidated net sales for the second quarter of 2023 were $1.0 billion, a decrease of 34 percent from 2022 second quarter net sales of $1.5 billion. Net income in the second quarter of 2023 was $33.4 million, or $1.31 per diluted share, compared to net income of $154.5 million, or $6.06 per diluted share, in the second quarter of 2022. EBITDA in the second quarter of 2023 was $88.2 million, compared to EBITDA of $250.7 million in the second quarter of 2022. Additional information regarding EBITDA, as well as a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.

The decrease in year-over-year net sales for the second quarter of 2023 was primarily driven by decreased North American RV wholesale shipments and decreased selling prices which are indexed to select commodities, partially offset by acquisitions. Net sales from acquisitions completed in the twelve months ended June 30, 2023 contributed approximately $17.2 million in the second quarter of 2023.

July 2023 Results

July 2023 consolidated net sales were approximately $295 million, down 20 percent from July 2022, primarily due to an approximate 30 percent decline in North American RV wholesale shipments compared to July 2022. July 2023 results were favorably impacted by our diversification efforts outside of the North American RV market, which made up approximately 38 percent of July 2023 consolidated net sales.

OEM Segment

RV OEM

RV OEM net sales for the second quarter of 2023 were $409.9 million, down 55% compared to the same prior year period, driven by a nearly 44% decline in North American wholesale shipments, partially offset by average product content expansion in towables and motorhomes. For the twelve months ended June 30, 2023, content per North American travel trailer and fifth-wheel RVs increased 2% year-over-year to $5,487, and content per motorized unit increased 6% year-over-year to $3,760.

Adjacent Industries OEM

Adjacent Industries OEM net sales for the second quarter of 2023 were $349.1 million, down 6% year-over-year, primarily due to lower sales to North American marine OEMs and in manufactured housing. North American marine OEM net sales in the second quarter of 2023 were $95.8 million, down 28% year-over-year. Our average product content per North American power boat for the twelve months ended June 30, 2023, decreased 17% year-over-year to $1,457, primarily due to price decreases associated with year-over-year declining input costs and changes in product mix.

Aftermarket Segment

Aftermarket net sales for the second quarter of 2023 were $255.6 million, down 2% year-over-year, driven by inflationary pressures impacting consumer demand. Operating profit of the Aftermarket Segment was $36.5 million in the second quarter of 2023, or 14.3 percent, compared to $28.2 million, or 10.9 percent in the same period in 2022. The operating profit expansion of the Aftermarket Segment for the quarter was driven by decreased commodity costs and targeted price increases.

Income Taxes

The Company's effective tax rate was 25.6 percent for the quarter ended June 30, 2023, compared to 27.3 percent for the quarter ended June 30, 2022. The rate was benefited by an increase related to the cash surrender value of life insurance.

Balance Sheet and Other Items

At June 30, 2023, the Company's cash and cash equivalents balance was $22.1 million, compared to $47.5 million at December 31, 2022. The Company used $53.2 million for dividend payments to shareholders, $34.1 million for capital expenditures, and $25.9 million for acquisitions in the six months ended June 30, 2023. The Company also made $168.5 million in net repayments under its revolving credit facility and $10.7 million in repayments under its term loan and other borrowings in the six months ended June 30, 2023.

The Company's outstanding long-term indebtedness, including current maturities, was $943.5 million at June 30, 2023, and the Company remained in compliance with its debt covenants.

Conference Call & Webcast

LCI Industries will host a conference call to discuss its second quarter results on Tuesday, August 8, 2023, at 8:30 a.m. Eastern time, which may be accessed by dialing (833) 470-1428 for participants in the U.S. and (404) 975-4839 for participants outside the U.S. using the required conference ID 458725. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the Company's website, www.investors.lci1.com.

A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (929) 458-6194 for participants outside the U.S. and referencing access code 869147. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

About LCI Industries

LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation, transportation products, and housing markets, consisting primarily of recreational vehicles and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; tankless water heaters; and other accessories. Additional information about Lippert and its products can be found at www.lippert.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of COVID-19, or other future pandemics, the Russia-Ukraine war, and heightened tensions between China and Taiwan on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

 

LCI INDUSTRIES

OPERATING RESULTS

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

Last Twelve

 

2023

 

2022

 

2023

 

2022

 

Months

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,014,639

 

$

1,536,150

 

$

1,987,949

 

$

3,180,718

 

$

4,014,374

Cost of sales

 

796,519

 

 

1,127,065

 

 

1,583,758

 

 

2,307,390

 

 

3,210,222

Gross profit

 

218,120

 

 

409,085

 

 

404,191

 

 

873,328

 

 

804,152

Selling, general and administrative expenses

 

162,946

 

 

190,296

 

 

328,974

 

 

384,838

 

 

664,397

Operating profit

 

55,174

 

 

218,789

 

 

75,217

 

 

488,490

 

 

139,755

Interest expense, net

 

10,249

 

 

6,191

 

 

20,643

 

 

12,443

 

 

35,773

Income before income taxes

 

44,925

 

 

212,598

 

 

54,574

 

 

476,047

 

 

103,982

Provision for income taxes

 

11,499

 

 

58,068

 

 

13,889

 

 

125,336

 

 

19,034

Net income

$

33,426

 

$

154,530

 

$

40,685

 

$

350,711

 

$

84,948

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

$

1.32

 

$

6.07

 

$

1.61

 

$

13.82

 

$

3.35

Diluted

$

1.31

 

$

6.06

 

$

1.60

 

$

13.76

 

$

3.34

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

25,329

 

 

25,438

 

 

25,273

 

 

25,377

 

 

25,326

Diluted

 

25,437

 

 

25,518

 

 

25,359

 

 

25,483

 

 

25,458

 

 

 

 

 

 

 

 

 

 

Depreciation

$

18,867

 

$

18,010

 

$

37,117

 

$

35,964

 

$

73,993

Amortization

$

14,183

 

$

13,897

 

$

28,432

 

$

27,755

 

$

57,049

Capital expenditures

$

16,923

 

$

28,800

 

$

34,082

 

$

70,837

 

$

93,886

 

LCI INDUSTRIES

SEGMENT RESULTS

(unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

Last Twelve

 

2023

 

2022

 

2023

 

2022

 

Months

(In thousands)

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

 

 

 

 

 

OEM Segment:

 

 

 

 

 

 

 

 

 

RV OEMs:

 

 

 

 

 

 

 

 

 

Travel trailers and fifth-wheels

$

338,739

 

$

814,509

 

$

669,292

 

$

1,767,735

 

$

1,519,143

Motorhomes

 

71,185

 

 

91,480

 

 

140,736

 

 

178,734

 

 

301,098

Adjacent Industries OEMs

 

349,084

 

 

370,289

 

 

707,152

 

 

726,391

 

 

1,339,950

Total OEM Segment net sales

 

759,008

 

 

1,276,278

 

 

1,517,180

 

 

2,672,860

 

 

3,160,191

Aftermarket Segment:

 

 

 

 

 

 

 

 

 

Total Aftermarket Segment net sales

 

255,631

 

 

259,872

 

 

470,769

 

 

507,858

 

 

854,183

Total net sales

$

1,014,639

 

$

1,536,150

 

$

1,987,949

 

$

3,180,718

 

$

4,014,374

 

 

 

 

 

 

 

 

 

 

Operating profit:

 

 

 

 

 

 

 

 

 

OEM Segment

$

18,642

 

$

190,577

 

$

17,921

 

$

435,951

 

$

61,120

Aftermarket Segment

 

36,532

 

 

28,212

 

 

57,296

 

 

52,539

 

 

78,635

Total operating profit

$

55,174

 

$

218,789

 

$

75,217

 

$

488,490

 

$

139,755

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

OEM Segment depreciation

$

14,655

 

$

14,376

 

$

29,004

 

$

28,878

 

$

58,293

Aftermarket Segment depreciation

 

4,212

 

 

3,634

 

 

8,113

 

 

7,086

 

 

15,700

Total depreciation

$

18,867

 

$

18,010

 

$

37,117

 

$

35,964

 

$

73,993

 

 

 

 

 

 

 

 

 

 

OEM Segment amortization

$

10,204

 

$

10,053

 

$

20,654

 

$

20,197

 

$

41,710

Aftermarket Segment amortization

 

3,979

 

 

3,844

 

 

7,778

 

 

7,558

 

 

15,339

Total amortization

$

14,183

 

$

13,897

 

$

28,432

 

$

27,755

 

$

57,049

 

LCI INDUSTRIES

BALANCE SHEET INFORMATION

(unaudited)

 

 

June 30,

 

December 31,

 

2023

 

2022

(In thousands)

 

 

 

 

 

 

 

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

22,094

 

$

47,499

Accounts receivable, net

 

299,469

 

 

214,262

Inventories, net

 

830,020

 

 

1,029,705

Prepaid expenses and other current assets

 

83,662

 

 

99,310

Total current assets

 

1,235,245

 

 

1,390,776

Fixed assets, net

 

478,885

 

 

482,185

Goodwill

 

584,312

 

 

567,063

Other intangible assets, net

 

477,307

 

 

503,320

Operating lease right-of-use assets

 

241,146

 

 

247,007

Other long-term assets

 

59,502

 

 

56,561

Total assets

$

3,076,397

 

$

3,246,912

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities

 

 

 

Current maturities of long-term indebtedness

$

27,712

 

$

23,086

Accounts payable, trade

 

182,637

 

 

143,529

Current portion of operating lease obligations

 

35,004

 

 

35,447

Accrued expenses and other current liabilities

 

196,099

 

 

219,238

Total current liabilities

 

441,452

 

 

421,300

Long-term indebtedness

 

915,756

 

 

1,095,888

Operating lease obligations

 

217,979

 

 

222,478

Deferred taxes

 

26,900

 

 

30,580

Other long-term liabilities

 

103,413

 

 

95,658

Total liabilities

 

1,705,500

 

 

1,865,904

Total stockholders' equity

 

1,370,897

 

 

1,381,008

Total liabilities and stockholders' equity

$

3,076,397

 

$

3,246,912

 

LCI INDUSTRIES

SUMMARY OF CASH FLOWS

(unaudited)

 

 

Six Months Ended

June 30,

 

2023

 

2022

(In thousands)

 

 

 

Cash flows from operating activities:

 

 

 

Net income

$

40,685

 

 

$

350,711

 

Adjustments to reconcile net income to cash flows provided by operating activities:

 

 

 

Depreciation and amortization

 

65,549

 

 

 

63,719

 

Stock-based compensation expense

 

9,080

 

 

 

13,701

 

Deferred taxes

 

 

 

 

(2,401

)

Other non-cash items

 

2,192

 

 

 

2,025

 

Changes in assets and liabilities, net of acquisitions of businesses:

 

 

 

Accounts receivable, net

 

(80,952

)

 

 

(95,479

)

Inventories, net

 

209,346

 

 

 

(51,811

)

Prepaid expenses and other assets

 

11,607

 

 

 

25,746

 

Accounts payable, trade

 

37,949

 

 

 

5,312

 

Accrued expenses and other liabilities

 

(21,891

)

 

 

36,448

 

Net cash flows provided by operating activities

 

273,565

 

 

 

347,971

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(34,082

)

 

 

(70,837

)

Acquisitions of businesses

 

(25,851

)

 

 

(51,789

)

Other investing activities

 

4,344

 

 

 

2,204

 

Net cash flows used in investing activities

 

(55,589

)

 

 

(120,422

)

Cash flows from financing activities:

 

 

 

Vesting of stock-based awards, net of shares tendered for payment of taxes

 

(9,585

)

 

 

(10,773

)

Proceeds from revolving credit facility

 

234,200

 

 

 

729,400

 

Repayments under revolving credit facility

 

(402,726

)

 

 

(836,500

)

Repayments under shelf loan, term loan, and other borrowings

 

(10,703

)

 

 

(60,902

)

Payment of dividends

 

(53,154

)

 

 

(49,572

)

Payment of contingent consideration and holdbacks related to acquisitions

 

(517

)

 

 

(6,039

)

Other financing activities

 

(834

)

 

 

(4

)

Net cash flows used in financing activities

 

(243,319

)

 

 

(234,390

)

Effect of exchange rate changes on cash and cash equivalents

 

(62

)

 

 

(1,067

)

Net decrease in cash and cash equivalents

 

(25,405

)

 

 

(7,908

)

Cash and cash equivalents at beginning of period

 

47,499

 

 

 

62,896

 

Cash and cash equivalents cash at end of period

$

22,094

 

 

$

54,988

 

 

LCI INDUSTRIES

SUPPLEMENTARY INFORMATION

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

Last Twelve

 

 

2023

 

2022

 

2023

 

2022

 

Months

 

Industry Data(1) (in thousands of units):

 

 

 

 

 

 

 

 

 

 

Industry Wholesale Production:

 

 

 

 

 

 

 

 

 

 

Travel trailer and fifth-wheel RVs

71.6

 

 

133.8

 

 

132.8

 

 

 

286.2

 

 

268.2

 

 

Motorhome RVs

12.1

 

 

14.8

 

 

25.5

 

 

 

30.7

 

 

53.2

 

 

Industry Retail Sales:

 

 

 

 

 

 

 

 

 

 

Travel trailer and fifth-wheel RVs

105.3

 

(2)

129.6

 

 

176.7

 

(2)

 

224.6

 

 

341.7

 

(2)

Impact on dealer inventories

(33.7

)

(2)

4.2

 

 

(43.9

)

(2)

 

61.6

 

 

(73.5

)

(2)

Motorhome RVs

13.0

 

(2)

14.0

 

 

23.8

 

(2)

 

27.1

 

 

45.1

 

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

 

 

2023

 

2022

 

 

 

Lippert Content Per Industry Unit Produced:

 

 

 

 

 

 

 

Travel trailer and fifth-wheel RV

 

 

 

 

$

5,487

 

 

$

5,379

 

 

 

Motorhome RV

 

 

 

 

$

3,760

 

 

$

3,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

 

 

 

 

2023

 

2022

 

2022

 

Balance Sheet Data (debt availability in millions):

 

 

 

 

 

 

 

Remaining availability under the revolving credit facility (3)

 

$

270.0

 

 

$

286.7

 

$

306.5

 

 

Days sales in accounts receivable, based on last twelve months

 

 

28.4

 

 

 

28.2

 

 

27.5

 

 

Inventory turns, based on last twelve months

 

 

3.2

 

 

 

4.3

 

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

Estimated Full Year Data:

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

$60 - $80 million

 

 

 

Depreciation and amortization

 

 

 

 

$130 - $140 million

 

 

 

Stock-based compensation expense

 

 

 

 

$18 - $23 million

 

 

 

Annual tax rate

 

 

 

 

24% - 26%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc.

(2)

June 2023 retail sales data for RVs has not been published yet, therefore 2023 retail data for RVs includes an estimate for June 2023 retail units. Retail sales data will likely be revised upwards in future months as various states report.

(3)

Remaining availability under the revolving credit facility is subject to covenant restrictions.

LCI INDUSTRIES

SUPPLEMENTARY INFORMATION

RECONCILIATION OF NON-GAAP MEASURES

(unaudited)

 

The following table reconciles net income to EBITDA.

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2023

 

2022

 

2023

 

2022

(In thousands)

 

 

 

 

 

 

 

Net income

$

33,426

 

$

154,530

 

$

40,685

 

$

350,711

Interest expense, net

 

10,249

 

 

6,191

 

 

20,643

 

 

12,443

Provision for income taxes

 

11,499

 

 

58,068

 

 

13,889

 

 

125,336

Depreciation expense

 

18,867

 

 

18,010

 

 

37,117

 

 

35,964

Amortization expense

 

14,183

 

 

13,897

 

 

28,432

 

 

27,755

EBITDA

$

88,224

 

$

250,696

 

$

140,766

 

$

552,209

 

In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measure of EBITDA to illustrate and improve comparability of its results from period to period. EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, and amortization expense during the three and six month periods ended June 30, 2023 and 2022. The Company considers this non-GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The measure is not in accordance with, nor is it a substitute for, GAAP measures, and it may not be comparable to similarly titled measures used by other companies.

 

Contacts

Contact: Lillian D. Etzkorn, CFO 

Phone:   (574) 535-1125 

E Mail:   LCII@lci1.com

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