LCI Industries Reports $3.7 Billion in Net Sales for Fiscal Year 2024, Net Income Increases to $142.9 Million

LCI Industries reported consolidated net sales of $3.7 billion for the fiscal year ending December 31, 2024, reflecting a decrease of 1% from the previous year's sales of $3.8 billion. The decline was primarily attributed to reduced production levels in the North American marine and utility trailer markets, as well as the European RV market. However, this was partially offset by a 7% increase in total North American RV wholesale shipments and contributions from acquisitions, which added approximately $21.4 million to net sales. The company's net income for 2024 was $142.9 million, or $5.60 per diluted share, a significant increase from $64.2 million, or $2.52 per diluted share, in 2023.

The OEM Segment, which accounted for 76% of total net sales, generated $2.86 billion, a slight decrease from $2.90 billion in 2023. Sales to RV OEMs, particularly for travel trailers and fifth-wheels, increased by 11% to $1.51 billion, while sales to adjacent industries fell by 13% to $1.11 billion. The Aftermarket Segment remained stable, contributing $880.8 million, nearly unchanged from $881.1 million in the prior year. The Aftermarket Segment's operating profit increased to $111.2 million, up from $106.1 million in 2023, driven by lower material costs and pricing adjustments.

Strategically, LCI Industries has focused on expanding its product offerings and market reach through acquisitions. In 2024, the company acquired the furniture operations of CWDS, LLC for $20 million, enhancing its furniture portfolio. The company has also made significant investments in automation and efficiency improvements, consolidating certain facilities to reduce overhead costs. As of December 31, 2024, LCI operated over 110 manufacturing and distribution facilities across North America and Europe, employing approximately 11,500 full-time team members.

Looking ahead, LCI Industries aims to maintain its leadership position in the RV market while diversifying into adjacent industries and aftermarket channels. The company anticipates that the growing U.S. RV ownership, which reached an estimated 8.1 million households in 2025, will drive demand for aftermarket products. However, the company also acknowledges potential challenges, including economic conditions that could impact consumer discretionary spending and the availability of financing for retail dealers. The company expects to continue leveraging its manufacturing competencies and customer relationships to drive efficiencies and innovation in the coming years.