LCI Industries Reports Strong Profit Growth in 2024

By Tamara Parker • Tuesday, February 11 15:22 • Permanent Link

LCI Industries has reported its fourth quarter and full year 2024 financial results, highlighting significant changes in various metrics compared to the previous year.

In the fourth quarter of 2024, the company reported a net sales decrease of 4% year-over-year, amounting to $803 million. However, net income for the same period saw a substantial improvement, reaching $9.5 million or $0.37 per diluted share, compared to a net loss of $2.4 million in the fourth quarter of 2023. Additionally, EBITDA for the fourth quarter of 2024 was $46 million, representing a notable 29% increase over the previous year.

For the full year 2024, LCI Industries reported net sales of $3.7 billion, down 1% from the previous year. However, net income for the full year 2024 experienced a significant surge, reaching $143 million or $5.60 per diluted share, marking a substantial 123% increase from the prior year. Furthermore, EBITDA for the full year 2024 was $344 million, representing a substantial 35% increase year-over-year.

Operational profit margin for the full year 2024 was reported at 5.8%, up from 3.3% in 2023. The company also highlighted its strong liquidity position, with $166 million in cash and cash equivalents and $453 million available on its revolving credit facility at the end of December 31, 2024.

In January 2025, consolidated net sales were approximately $328 million, up 6% from January 2024, primarily driven by increases in RV OEM sales of 17% and aftermarket sales of 6%, partially offset by softness in international and other adjacent markets.

The company's effective tax rate was 24.5% for the year ended December 31, 2024, compared to 22.7% in the prior year. For the fourth quarter of 2024, the effective tax rate was 13.5%, a significant decrease from 65.2% in the fourth quarter of 2023.

At the end of 2024, the company's cash and cash equivalents balance stood at $165.8 million, a substantial increase from $66.2 million at the end of 2023. LCI Industries also made significant financial moves in the twelve months ended December 31, 2024, including $109.5 million for dividend payments to shareholders, $89.2 million for debt repayment, $42.3 million for capital expenditures, and $20.0 million for an acquisition.

The market has reacted to these announcements by moving the company's shares 5.7% to a price of $107.79. If you want to know more, read the company's complete 8-K report here.

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