LCI Industries (NYSE: LCII) has released its financial results for the second quarter of 2024, revealing several significant changes since the last period.
The company reported total net sales of $1.5 billion for the second quarter of 2024, representing a 12% increase from the same period last year. This growth was primarily driven by a 15% rise in OEM segment net sales, which reached $1.2 billion.
LCI Industries' gross profit for the second quarter of 2024 totaled $367 million, marking a 10% increase from the prior year. Additionally, the company's gross profit margin slightly improved to 24.8% compared to 24.7% in the second quarter of 2023.
Operating income for the second quarter of 2024 stood at $176 million, reflecting a 9% increase year-over-year. This was accompanied by an operating margin of 11.9%, up from 11.8% in the same period last year.
Net income attributable to LCI Industries for the second quarter of 2024 amounted to $122 million, indicating a 7% increase from the prior year. Diluted earnings per share (EPS) also saw a rise, reaching $4.09 compared to $3.84 in the second quarter of 2023.
Furthermore, the company generated operating cash flow of $149 million for the second quarter of 2024, with free cash flow amounting to $106 million.
In terms of segment performance, LCI Industries' Aftermarket segment reported net sales of $362 million for the second quarter of 2024, marking a 7% increase from the same period last year.
These financial results demonstrate LCI Industries' sustained growth and profitability, driven by strong performance across its OEM and Aftermarket segments. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $111.11. For the full picture, make sure to review LCI Industries's 8-K report.
