LCI Industries, which, through its wholly-owned subsidiary, Lippert Components, Inc. (Lippert), supplies a broad array of highly engineered components for the leading original equipment manufacturers in the recreation and transportation product markets, and the related aftermarkets of those industries, recently reported second quarter 2021 results.
“We delivered another incredible quarter, growing sales in the triple-digits while driving impressive content and market share gains. These strong results are enhanced by the success of our recent acquisitions, including Challenger, Veada, Trazcor, Schaudt, and Ranch Hand, enabling us to continue expanding our presence as a leading supplier in the outdoor recreation space across the globe,” said Jason Lippert, LCI Industries’ president and chief executive officer.
Consolidated net sales for the second quarter of 2021 were $1.1 billion, an increase of 108% from 2020 second quarter net sales of $525.8 million. Net income in the second quarter of 2021 was $67.9 million, or $2.67 per diluted share, compared to net income of $13.2 million, or $0.52 per diluted share, in the second quarter of 2020. Adjusted EBITDA in the second quarter of 2021 was $121.3 million, compared to adjusted EBITDA of $45.6 million in the second quarter of 2020.
The company said the increase in year-over-year net sales for the second quarter of 2021 was primarily driven by record RV retail demand and strong aftermarket sales growth. Net sales from acquisitions completed in 2020 and 2021 contributed approximately $54 million in the second quarter of 2021. Additionally, pandemic-related shutdowns in the second quarter of 2020 had a negative impact on sales in that quarter.
The Company's average product content per travel trailer and fifth-wheel RV, adjusted to remove Furrion sales from prior periods, for the twelve months ended June 30, 2021, increased $250 to $3,621, compared to $3,371 for the twelve months ended June 30, 2020. The content increase in towables was a result of organic growth, including new product introductions.
“There remains no end in sight for the current levels of retail demand as waves of consumers enter the outdoor lifestyle, and each of our businesses are strongly positioned to capture new growth opportunities through surging demand for both new and rental units,” continued Lippert. “Throughout the quarter, our teams have demonstrated remarkable agility in navigating through freight, labor, and supply chain-related headwinds impacting the entire industry, underscoring our commitment to operational excellence across our businesses as we focus on managing significant cost inflation and related pricing adjustments to maintain profitability. I could not be more pleased with our performance and continued growth trajectory and would like to again thank the entire LCI team for their hard work as we keep up this momentum in driving value for our shareholders.”
LCI's full Q2 results can be found here.