In This Article:
Strong operational improvements drove a meaningful increase in profitability across diverse end markets
Fourth Quarter 2024 Highlights
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Net sales of $803 million in the fourth quarter, down 4% year-over-year
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Net income of $9.5 million, or $0.37 per diluted share, in the fourth quarter, up from a net loss of $2.4 million in the fourth quarter of 2023
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EBITDA of $46 million in the fourth quarter, or 5.7% of net sales, up 29% year-over-year
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Increased quarterly dividend to $1.15 per share, totaling $29 million paid in the fourth quarter
Full Year 2024 Highlights
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Net sales of $3.7 billion, down 1% year-over-year
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Net income of $143 million, or $5.60 per diluted share, up 123% year-over-year
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EBITDA of $344 million, or 9.2% of net sales, up 35% year-over-year
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Operating profit margin of 5.8% in 2024, up from 3.3% in 2023
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Cash flows from operating activities of $370 million
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Net repayments of indebtedness of $89 million
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Returned $109 million to shareholders through quarterly dividends in 2024
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Strong liquidity position with $166 million of cash and cash equivalents and $453 million of availability on revolving credit facility at December 31, 2024
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Introduced groundbreaking innovation with our Touring Coil Suspension product
ELKHART, Ind., February 11, 2025--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported fourth quarter and full year 2024 results.
"Lippert demonstrated continued market leadership and resilience in 2024, leveraging cost savings and operational improvements to increase EBITDA by $89 million over 2023. This performance came despite a challenging RV and marine industry backdrop, as meaningful investments toward innovations like our Touring Coil Suspension, anti-lock braking systems, our Chill Cube revolutionary RV air conditioning system, and our new RV window series fueled content expansion and further market share gains. Our diversified end markets—particularly our Aftermarket segment—helped us navigate volatility by expanding growth opportunities and bolstering profitability. Our Aftermarket business also continues to benefit from a growing presence within Camping World stores, as we achieved revenue growth of $12 million within the 14 newly upfitted locations against an environment that was declining only a year ago," commented Jason Lippert, LCI Industries’ President and Chief Executive Officer.
"As we enter 2025, we are focused on continuing to expand profitability and remain committed to achieving further cost savings in addition to the significant strides made in 2024. We’re also seeing modest improvement in the RV market, with consolidated January sales up 6% year-over-year along with growing optimism from customers," Mr. Lippert continued. "Overall, not only is Lippert well positioned to capitalize on an industry recovery due to our operational flexibility and agility, but we have the playbook required to further expand business in our other end markets, including aftermarket, building products, transportation, and utility trailers. We believe these factors, along with our experienced leadership team and numerous competitive advantages, will enable us to achieve our target of $5 billion in net sales organically by 2027 as well as a return to double digit operating margins."
"Thanks to the dedication of our experienced leadership team and team members, along with our focus on safety, quality, and customer service, we strengthened our leadership position within the recreation space in 2024. As we enter 2025, we remain committed to creating value for all stakeholders through disciplined execution and strategic growth initiatives," commented Ryan Smith, LCI Industries' Group President - North America.
Fourth Quarter 2024 Results
Consolidated net sales for the fourth quarter of 2024 were $803.1 million, a decrease of 4% from 2023 fourth quarter net sales of $837.5 million. Net income in the fourth quarter of 2024 was $9.5 million, or $0.37 per diluted share, compared to a net loss of $2.4 million, or $(0.09) per diluted share, in the fourth quarter of 2023. EBITDA in the fourth quarter of 2024 was $45.8 million, compared to EBITDA of $35.6 million in the fourth quarter of 2023. Additional information regarding EBITDA, as well as reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income (loss), is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.
The decrease in year-over-year net sales for the fourth quarter of 2024 was primarily driven by lower sales to North American marine and utility trailer OEMs, declines in wholesale shipments of motorhome RV units and an increased shift in unit mix towards lower content single axle travel trailers, partially offset by increased North American RV wholesale shipments of travel trailers and fifth-wheels and market share gains in the automotive aftermarket.
Full Year 2024 Results
Consolidated net sales for the full year 2024 were $3.7 billion, a decrease of 1% from full year 2023 net sales of $3.8 billion. Net income for the full year 2024 was $142.9 million, or $5.60 per diluted share, compared to net income of $64.2 million, or $2.52 per diluted share, for the full year 2023. EBITDA for the year ended December 31, 2024 was $343.9 million, compared to EBITDA of $255.2 million for the year ended December 31, 2023. Additional information regarding EBITDA, as well as reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure of net income (loss), is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.
The decrease in year-over-year net sales was primarily driven by decreased industry production levels in the North American marine, utility trailer, and European RV markets and an increased shift in RV unit mix towards lower content single axle travel trailers, partially offset by a 7% increase in total North American RV wholesale shipments and sales from acquisitions. Net sales from acquisitions completed in 2023 and 2024 contributed approximately $21.4 million in 2024.
January 2025 Results
January 2025 consolidated net sales were approximately $328 million, up 6% from January 2024, primarily due to increases in RV OEM sales of 17% and aftermarket sales of 6%, partially offset by softness in international and other adjacent markets.
OEM Segment - Fourth Quarter Performance
OEM net sales for the fourth quarter of 2024 were $621.6 million, a decrease of $36.5 million compared to the same period of 2023. RV OEM net sales for the fourth quarter of 2024 were $376.1 million, down 3% compared to the same prior year period, primarily driven by a 21% decrease in motorhome wholesale shipments and a shift in RV unit mix towards lower content single axle travel trailers, partially offset by a 7% increase in North American travel trailer and fifth-wheel wholesale shipments and market share gains. Adjacent Industries OEM net sales for the fourth quarter of 2024 were $245.5 million, down 9% year-over-year, primarily due to lower sales to North American marine and utility trailers OEMs. This decline was driven by current dealer inventory levels, inflation, and elevated interest rates impacting retail consumers. North American marine OEM net sales in the fourth quarter of 2024 were $55.1 million, down 15% year-over-year.
Operating profit of the OEM Segment was $1.9 million in the fourth quarter of 2024, or 0.3% of net sales, compared to an operating loss of $11.7 million, or (1.8)% of net sales, in the same period in 2023. The operating profit expansion of the OEM Segment for the quarter was primarily driven by operational improvements, partially offset by the impact of fixed costs spread over decreased sales.
Aftermarket Segment - Fourth Quarter Performance
Aftermarket net sales for the fourth quarter of 2024 were $181.6 million, an increase of 1% compared to the same period of 2023. Resiliency in the Aftermarket Segment was primarily driven by market share gains in the automotive aftermarket, partially offset by lower volumes within the marine aftermarket. Operating profit of the Aftermarket Segment was $14.3 million in the fourth quarter of 2024, or 7.9% of net sales, in line with the same period of 2023. The operating profit margin of the Aftermarket Segment for the quarter was impacted by increased labor costs due to product mix and increased facility costs resulting from investments to expand capacity within the automotive aftermarket, partially offset by decreased material costs.
"Our automotive aftermarket business has consistently outperformed, achieving a 7% increase in sales in the full year 2024 that has helped offset softness in the RV and marine aftermarkets," commented Jamie Schnur, LCI Industries’ Group President – Aftermarket. "This growth was further fueled by Lippert’s increasing content on RVs, which drives demand for our replacement and repair parts. By continuing to differentiate ourselves through high-quality product offerings and exceptional service, we are building further trust with both dealers and consumers. Moving forward, we remain focused on expanding our presence in premium markets to support Lippert’s long-term, profitable growth."
Income Taxes
The Company's effective tax rate was 24.5% and 13.5% for the year and quarter ended December 31, 2024, respectively, compared to 22.7% and 65.2% for the year and quarter ended December 31, 2023, respectively. The increase in the effective tax rate for the full year 2024 compared to 2023 was primarily due to an increase in the state tax rate. Due to certain operating losses in the fourth quarter of 2023, discrete adjustments related to an increase in life insurance contract assets had a proportionately larger impact on the tax rate in that period.
Balance Sheet and Other Items
At December 31, 2024, the Company's cash and cash equivalents balance was $165.8 million, compared to $66.2 million at December 31, 2023. The Company used $109.5 million for dividend payments to shareholders, $89.2 million for the repayment of debt (net of borrowings), $42.3 million for capital expenditures, and $20.0 million for an acquisition in the twelve months ended December 31, 2024.
The Company's outstanding long-term indebtedness, including current maturities, was $757.3 million at December 31, 2024, and the Company was in compliance with its debt covenants. As of December 31, 2024, the Company had $452.5 million of borrowing availability under the revolving credit facility.
Conference Call & Webcast
LCI Industries will host a conference call to discuss its fourth quarter results on Tuesday, February 11, 2025, at 8:30 a.m. Eastern time, which may be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required conference ID 823178. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call. In addition, an online, real-time 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 (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for participants outside the U.S. and referencing access code 151640. 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 (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the 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 involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to production levels, future business prospects, net sales, expenses and income (loss), operating margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting 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 matters described in this press release, the impacts of future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, 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 more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
| LCI INDUSTRIES | ||||||||||||
| OPERATING RESULTS | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| (In thousands, except per share amounts) | ||||||||||||
| Net sales | $ | 803,138 | $ | 837,544 | $ | 3,741,208 | $ | 3,784,808 | ||||
| Cost of sales | 633,732 | 676,493 | 2,861,493 | 3,008,618 | ||||||||
| Gross profit | 169,406 | 161,051 | 879,715 | 776,190 | ||||||||
| Selling, general and administrative expenses | 153,272 | 158,430 | 661,478 | 652,762 | ||||||||
| Operating profit | 16,134 | 2,621 | 218,237 | 123,428 | ||||||||
| Interest expense, net | 5,100 | 9,456 | 28,899 | 40,424 | ||||||||
| Income (loss) before income taxes | 11,034 | (6,835 | ) | 189,338 | 83,004 | |||||||
| Provision (benefit) for income taxes | 1,487 | (4,458 | ) | 46,471 | 18,809 | |||||||
| Net income (loss) | $ | 9,547 | $ | (2,377 | ) | $ | 142,867 | $ | 64,195 | |||
| Net income (loss) per common share: | ||||||||||||
| Basic | $ | 0.37 | $ | (0.09 | ) | $ | 5.61 | $ | 2.54 | |||
| Diluted | $ | 0.37 | $ | (0.09 | ) | $ | 5.60 | $ | 2.52 | |||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 25,481 | 25,342 | 25,447 | 25,305 | ||||||||
| Diluted | 25,599 | 25,342 | 25,507 | 25,436 | ||||||||
| Depreciation | $ | 16,482 | $ | 18,719 | $ | 70,393 | $ | 74,693 | ||||
| Amortization | $ | 13,211 | $ | 14,231 | $ | 55,300 | $ | 57,075 | ||||
| Capital expenditures | $ | 10,943 | $ | 12,149 | $ | 42,333 | $ | 62,209 | ||||
| LCI INDUSTRIES | ||||||||||||
| SEGMENT RESULTS | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| (In thousands) | ||||||||||||
| Net sales: | ||||||||||||
| OEM Segment: | ||||||||||||
| RV OEMs: | ||||||||||||
| Travel trailers and fifth-wheels | $ | 328,254 | $ | 325,987 | $ | 1,514,578 | $ | 1,358,853 | ||||
| Motorhomes | 47,808 | 62,952 | 233,066 | 269,356 | ||||||||
| Adjacent Industries OEMs | 245,491 | 269,156 | 1,112,806 | 1,275,533 | ||||||||
| Total OEM Segment net sales | 621,553 | 658,095 | 2,860,450 | 2,903,742 | ||||||||
| Aftermarket Segment: | ||||||||||||
| Total Aftermarket Segment net sales | 181,585 | 179,449 | 880,758 | 881,066 | ||||||||
| Total net sales | $ | 803,138 | $ | 837,544 | $ | 3,741,208 | $ | 3,784,808 | ||||
| Operating profit (loss): | ||||||||||||
| OEM Segment | $ | 1,858 | $ | (11,725 | ) | $ | 107,081 | $ | 17,361 | |||
| Aftermarket Segment | 14,276 | 14,346 | 111,156 | 106,067 | ||||||||
| Total operating profit | $ | 16,134 | $ | 2,621 | $ | 218,237 | $ | 123,428 | ||||
| Depreciation and amortization: | ||||||||||||
| OEM Segment depreciation | $ | 12,446 | $ | 14,557 | $ | 53,484 | $ | 58,397 | ||||
| Aftermarket Segment depreciation | 4,036 | 4,162 | 16,909 | 16,296 | ||||||||
| Total depreciation | $ | 16,482 | $ | 18,719 | $ | 70,393 | $ | 74,693 | ||||
| OEM Segment amortization | $ | 9,417 | $ | 10,375 | $ | 39,843 | $ | 41,579 | ||||
| Aftermarket Segment amortization | 3,794 | 3,856 | 15,457 | 15,496 | ||||||||
| Total amortization | $ | 13,211 | $ | 14,231 | $ | 55,300 | $ | 57,075 | ||||
| LCI INDUSTRIES | |||||
| BALANCE SHEET INFORMATION | |||||
| (unaudited) | |||||
| December 31, | December 31, | ||||
| 2024 | 2023 | ||||
| (In thousands) | |||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 165,756 | $ | 66,157 | |
| Accounts receivable, net | 199,560 | 214,707 | |||
| Inventories, net | 736,604 | 768,407 | |||
| Prepaid expenses and other current assets | 58,318 | 67,599 | |||
| Total current assets | 1,160,238 | 1,116,870 | |||
| Fixed assets, net | 432,728 | 465,781 | |||
| Goodwill | 585,773 | 589,550 | |||
| Other intangible assets, net | 392,018 | 448,759 | |||
| Operating lease right-of-use assets | 224,313 | 245,388 | |||
| Other long-term assets | 99,669 | 92,971 | |||
| Total assets | $ | 2,894,739 | $ | 2,959,319 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current liabilities | |||||
| Current maturities of long-term indebtedness | $ | 423 | $ | 589 | |
| Accounts payable, trade | 187,684 | 183,697 | |||
| Current portion of operating lease obligations | 38,671 | 36,269 | |||
| Accrued expenses and other current liabilities | 185,275 | 174,437 | |||
| Total current liabilities | 412,053 | 394,992 | |||
| Long-term indebtedness | 756,830 | 846,834 | |||
| Operating lease obligations | 199,929 | 222,680 | |||
| Deferred taxes | 26,110 | 32,345 | |||
| Other long-term liabilities | 112,931 | 107,432 | |||
| Total liabilities | 1,507,853 | 1,604,283 | |||
| Total stockholders' equity | 1,386,886 | 1,355,036 | |||
| Total liabilities and stockholders' equity | $ | 2,894,739 | $ | 2,959,319 | |
| LCI INDUSTRIES | |||||||
| SUMMARY OF CASH FLOWS | |||||||
| (unaudited) | |||||||
| Twelve Months Ended | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| (In thousands) | |||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 142,867 | $ | 64,195 | |||
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||||||
| Depreciation and amortization | 125,693 | 131,768 | |||||
| Stock-based compensation expense | 18,653 | 18,229 | |||||
| Deferred taxes | (7,073 | ) | 2,067 | ||||
| Other non-cash items | 7,209 | 7,716 | |||||
| Changes in assets and liabilities, net of acquisitions of businesses: | |||||||
| Accounts receivable, net | 13,469 | 1,594 | |||||
| Inventories, net | 46,335 | 235,347 | |||||
| Prepaid expenses and other assets | 4,532 | 25,954 | |||||
| Accounts payable, trade | 3,474 | 38,737 | |||||
| Accrued expenses and other liabilities | 15,125 | 1,622 | |||||
| Net cash flows provided by operating activities | 370,284 | 527,229 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (42,333 | ) | (62,209 | ) | |||
| Acquisitions of businesses | (19,957 | ) | (25,851 | ) | |||
| Other investing activities | 1,192 | 4,312 | |||||
| Net cash flows used in investing activities | (61,098 | ) | (83,748 | ) | |||
| Cash flows from financing activities: | |||||||
| Vesting of stock-based awards, net of shares tendered for payment of taxes | (9,159 | ) | (9,628 | ) | |||
| Proceeds from revolving credit facility | 86,248 | 248,900 | |||||
| Repayments under revolving credit facility | (138,752 | ) | (464,822 | ) | |||
| Repayments under term loan and other borrowings | (36,655 | ) | (61,099 | ) | |||
| Payment of dividends | (109,471 | ) | (106,336 | ) | |||
| Payment of contingent consideration and holdbacks related to acquisitions | (2 | ) | (31,857 | ) | |||
| Other financing activities | (430 | ) | (1,342 | ) | |||
| Net cash flows used in financing activities | (208,221 | ) | (426,184 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (1,366 | ) | 1,361 | ||||
| Net increase in cash and cash equivalents | 99,599 | 18,658 | |||||
| Cash and cash equivalents at beginning of period | 66,157 | 47,499 | |||||
| Cash and cash equivalents at end of period | $ | 165,756 | $ | 66,157 | |||
| LCI INDUSTRIES | |||||||||||
| SUPPLEMENTARY INFORMATION | |||||||||||
| (unaudited) | |||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| December 31, | December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Industry Data(1) (in thousands of units): | |||||||||||
| Industry Wholesale Production: | |||||||||||
| Travel trailer and fifth-wheel RVs | 67.7 | 63.4 | 291.6 | 259.1 | |||||||
| Motorhome RVs | 8.0 | 10.1 | 34.9 | 45.9 | |||||||
| Industry Retail Sales: | |||||||||||
| Travel trailer and fifth-wheel RVs | 54.8 | 53.7 | 307.0 | 327.0 | |||||||
| Impact on dealer inventories | 12.9 | 9.7 | (15.4 | ) | (67.9 | ) | |||||
| Motorhome RVs | 7.9 | 8.0 | 40.0 | 45.3 | |||||||
| Twelve Months Ended | |||||||||||
| December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Lippert Content Per Industry Unit Produced: | |||||||||||
| Travel trailer and fifth-wheel RV | $ | 5,097 | $ | 5,058 | |||||||
| Motorhome RV | $ | 3,742 | $ | 3,506 | |||||||
| December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Balance Sheet Data (debt availability in millions): | |||||||||||
| Remaining availability under the revolving credit facility (2) | $ | 452.5 | $ | 245.3 | |||||||
| Days sales in accounts receivable, based on last twelve months | 29.9 | 30.1 | |||||||||
| Inventory turns, based on last twelve months | 4.0 | 3.5 | |||||||||
| 2025 | |||||||||||
| Estimated Full Year Data: | |||||||||||
| Capital expenditures | $50 - $70 million | ||||||||||
| Depreciation and amortization | $115 - $125 million | ||||||||||
| Stock-based compensation expense | $18 - $23 million | ||||||||||
| Annual tax rate | 24% - 26% | ||||||||||
| (1) | Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc. | |
| (2) | Remaining availability under the revolving credit facility is subject to covenant restrictions. |
| LCI INDUSTRIES | |||||||||||||||
| SUPPLEMENTARY INFORMATION | |||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
| (unaudited) | |||||||||||||||
| The following table reconciles net income to EBITDA and net income as a percentage of net sales to EBITDA as a percentage of net sales. | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (In thousands) | |||||||||||||||
| Net income (loss) | $ | 9,547 | $ | (2,377 | ) | $ | 142,867 | $ | 64,195 | ||||||
| Interest expense, net | 5,100 | 9,456 | 28,899 | 40,424 | |||||||||||
| Provision (benefit) for income taxes | 1,487 | (4,458 | ) | 46,471 | 18,809 | ||||||||||
| Depreciation expense | 16,482 | 18,719 | 70,393 | 74,693 | |||||||||||
| Amortization expense | 13,211 | 14,231 | 55,300 | 57,075 | |||||||||||
| EBITDA | $ | 45,827 | $ | 35,571 | $ | 343,930 | $ | 255,196 | |||||||
| Net sales | $ | 803,138 | $ | 837,544 | $ | 3,741,208 | $ | 3,784,808 | |||||||
| Net income (loss) as a percentage of net sales | 1.2 | % | (0.3 | %) | 3.8 | % | 1.7 | % | |||||||
| EBITDA as a percentage of net sales | 5.7 | % | 4.2 | % | 9.2 | % | 6.7 | % | |||||||
In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of EBITDA and EBITDA as a percentage of net sales to illustrate and improve comparability of its results from period to period. EBITDA is defined as net income (loss) before interest expense, net, provision/benefit for income taxes, depreciation expense, and amortization expense during the three and twelve month periods ended December 31, 2024 and 2023. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211491989/en/
Contacts
Lillian D. Etzkorn, CFO
Phone: (574) 535-1125
E Mail: LCII@lci1.com