LCI Industries, which through its wholly-owned subsidiary, Lippert Components, Inc. supplies a broad array of components for OEMs in the recreation and transportation product markets, has reported first quarter 2020 results.
“We delivered an 11% increase in revenues during the first quarter of 2020, despite the about-face in demand that occurred late in the quarter,” commented Jason Lippert, LCI Industries’ president and CEO. “I am incredibly proud of our team for not only its superior execution during the quarter, but also the quick reaction to adjust to the production halt at most of our OEM customers, as well as many of our facilities across North America and Europe. As the world changed before our eyes, we took the crucial steps to protect the health and safety of our team members and implement cost management initiatives in an effort to help mitigate long-term impacts to the business.”
Lippert also said he is optimistic about the long-term fundamentals of their business.
“Summer travel plans are being significantly altered for most consumers as air travel, cruise ships, and hotels are likely going to be less popular, at least in the near term,” Lippert stated in a release. “As a result, the outdoor recreational products business is expected to accelerate. RVs and boats provide attractive alternatives to vacation more safely as families are eager to get out of the house. At the same time, RVing and boating offer a great solution to social distancing for families that want to travel the country and experience the great outdoors.”