in ,

LCI Industries Reports Preliminary Fourth Quarter 2022 Results

Advertisements

ELKHART, Ind.–()–LCI Industries (NYSE: LCII) (the “Company”) which, through its wholly owned subsidiary, Lippert Components, Inc., supplies a broad range of highly engineered components to major original equipment manufacturers (“OEM “) in the recreation and transportation product markets and related aftermarkets for those industries, today provided ranges of selected, unaudited preliminary financial results for the fourth quarter of 2022.

The Company expects net sales in the fourth quarter of 2022 to be between $890 million and $900 million and loss per diluted share to be between $0.62 and $0.73.

During the fourth quarter, RV OEMs made larger-than-expected adjustments to production levels, reducing a collective month of production to normalize inventories as retail demand slowed, which negatively impacted our results. In response, we moved quickly to align our operations and manufacturing costs with current market conditions in order to support profitability in 2023, and as a result, we incurred costs related to layoffs and inventory reserve in the fourth quarter,” commented Jason Lippert, LCI President and Chief Executive Officer of Industries.”Despite these near-term impacts, we believe our core RV demographics remain strong and RV dealer inventories are starting to decline. We expect RV OEM production to return to a pace more consistent with 2019 levels in the second half of 2023.”

Non-RV parts from our business where we have successfully driven diversification are proving to be more resilient and we expect a rebound in the aftermarket as parts supply improves across the industry. Additionally, our teams continue to develop innovative new products to support future growth,” continued Lippert.”Meanwhile, our experienced leadership team is taking prudent action, adjusting our cost structure while executing our proven diversification strategy to minimize the impact of lower RV demand, drive sustainable growth and generate value for our customers. long-term shareholders.

The ranges of financial results included in this release are preliminary, unaudited and are estimates based on information available to the Company’s management as of the date of this release. These preliminary estimates are subject to changes, also following the completion of the year-end accounting and financial reporting and auditing procedures. The Company’s actual results may differ materially from these preliminary estimated financial results due to a variety of factors, including those that could arise from the completion of our financial close process. The Company expects to report complete results for the fourth quarter of 2022 on February 14, 2023.

Teleconference and webcast

LCI Industries will host a conference call to discuss its 2022 fourth quarter and full year results on Tuesday, February 14, 2023, at 8:30 a.m. Eastern Time, which can be accessed by dialing (844) 200-6205 for attendees of the United States and (226) 828-7575 for those in Canada or (929) 526-1599 for participants outside the United States/Canada using the required conference ID 537233. Due to the high volume of businesses reporting earnings at this time, please be prepared for wait times of up to 15 minutes while dialing your call. In addition, a live online webcast, as well as a supplemental earnings presentation, can be accessed on the Company’s website, www.investors.lci1.com.

A replay of the conference call will be available for two weeks by dialing (929) 458-6194 for attendees in the United States and (226) 828-7578 for those in Canada or (204) 525-0658 for attendees outside the U.S. United States/Canada and referencing the access code 829204. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

About LCI Industries

LCI Industries, through its wholly owned subsidiary, Lippert, supplies, domestically and internationally, a broad range of highly engineered components to major OEMs in the recreational and transportation product markets, primarily consisting of the recreational vehicle and adjacent industries, including buses; trailers used to transport boats, livestock, equipment and other cargo; truck; boats; trains; prefabricated houses; and modular housing. The company also supplies engineered components to the related aftermarkets of these industries, primarily selling to retailers, wholesale distributors and service centers as well as directly to retail customers via the Internet. Lippert products include steel frames and related components; axles and suspension solutions; sliding mechanisms and solutions; thermoformed bathroom, kitchen and other products; vinyl, aluminum, and frameless windows; manual, electric and hydraulic stabilizing and leveling systems; entry doors, luggage, patio and ramps; furniture and mattresses; electric and manual entrance steps; awnings and awning accessories; towing products; truck accessories; electronic components; domestic appliances; air conditioners; televisions and sound systems; tankless water heaters; and other accessories. More information about Lippert and its products can be found at www.lippert.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” relating to our estimated preliminary financial results for the fourth quarter of 2022, financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and management objectives, the markets for the Company’s common stock, the impact of legal proceedings and other matters. Statements in this news release that are not historical facts are “forward-looking statements” for the purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and are set of risks and uncertainties.

Forward-looking statements, including, but not limited to, those relating to estimated preliminary financial results for the fourth quarter of 2022, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, conditions financials, liquidity, compliance with agreements, retail and wholesale demand, the integration of acquisitions, R&D investments and industry trends, whenever they occur in this news release, are necessarily estimates reflect the best judgment of the Company’s senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other issues described in this press release, the impacts of COVID-19, or other future pandemics, the Russia-Ukraine war, and heightened tensions between China and Taiwan on the global economy and the Company’s customers, suppliers , employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability and tariffs on raw materials (especially steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit to finance the retail and wholesale purchase of products for which we sell our components, inventory levels of retailers and manufacturers, transportation availability for the products for which we sell our components, the condition financial situation of our customers, the financial condition of retailers of the products for which we sell our components , retention and concentration of significant customers, the cost, speed and success of integrating acquisitions and other growth initiatives, availability and costs of manufacturing facilities and manpower, team member benefits, team member retention , execution and impact of expansion plans, efficiency improvements and cost reductions, business disruption resulting from natural disasters or other unforeseen events, successful entry into new markets, costs of compliance with environmental laws, laws jurisdictions in which we operate, other operational and financial risks associated with conducting business internationally and increased government regulation and oversight, information technology performance and safety, the ability to protect intellectual property, warranty claims and for product liability or product recalls, interest rates whether, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed in more detail under “Risk Factors” in the company’s annual report on Form 10-K for the year ended December 31, 2021 and in subsequent filings by the company with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, as there can be no assurance that such forward-looking statements will prove to be accurate. The Company disclaims any obligation or obligation to update any forward-looking statements to reflect circumstances or events occurring after the date the forward-looking statements are made, except as required by law.

Advertisements
Advertisements

What do you think?

Written by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

Leave a Reply

Bill Introduced In Illinois House To Ban Use Of Widely Used Herbicides

Is the EU on the Cusp of Pioneering AI Regulation? | Chicago Popular