LCI Industries(US:LCII)2024-11-07 12:30Financial Performance - Net sales for Q3 2024 were $915 million, a decrease of 5% year-over-year from $959.3 million in Q3 2023[2] - Net income for Q3 2024 was $36 million, or $1.39 per diluted share, up 38% from $25.9 million, or $1.02 per diluted share in Q3 2023[2][4] - EBITDA for Q3 2024 was $85 million, representing 9.3% of net sales, an 8% increase from $78.9 million in Q3 2023[2][4] - Operating profit margin improved to 5.9% in Q3 2024, up from 4.8% in Q3 2023[2] - Net sales for Q3 2024 were $915,497, a decrease of 4.6% from $959,315 in Q3 2023[21] - Gross profit increased to $219,958 in Q3 2024, up 4.8% from $210,948 in Q3 2023[21] - Operating profit for Q3 2024 was $53,888, representing a 18.5% increase compared to $45,590 in Q3 2023[21] - Net income for Q3 2024 rose to $35,612, a 37.5% increase from $25,887 in Q3 2023[21] - Basic net income per share increased to $1.40 in Q3 2024, up from $1.02 in Q3 2023[21] - Net income for the nine months ended September 30, 2024, was $133,320,000, a significant increase from $66,572,000 in the same period of 2023, representing a 100.4% growth[25] - EBITDA for the nine months ended September 30, 2024, was $298,103,000, compared to $219,625,000 for the same period in 2023, reflecting a 35.7% increase[29] - Net sales for the nine months ended September 30, 2024, were $2,938,070,000, slightly down from $2,947,264,000 in 2023, indicating a decrease of 0.3%[29] Cash Flow and Liquidity - Cash flows from operations for the last twelve months ended September 30, 2024, were $402 million, indicating strong cash generation[3] - The company maintained a strong liquidity position with $161 million in cash and cash equivalents and $383 million available on its revolving credit facility as of September 30, 2024[2] - The company used $80.2 million for dividend payments and $20 million for an acquisition in the nine months ended September 30, 2024[12] - The company reported a net cash flow from operating activities of $263,688,000 for the nine months ended September 30, 2024, compared to $389,263,000 in the same period of 2023, a decline of 32.2%[25] - The remaining availability under the revolving credit facility was $383.1 million as of September 30, 2024, up from $178.5 million at the end of 2023[27] Sales Performance by Segment - OEM net sales for Q3 2024 were $684.5 million, down 6% year-over-year, primarily due to lower sales to marine and utility trailer OEMs[7] - Aftermarket net sales for Q3 2024 were $231 million, consistent with the same period in 2023, driven by market share gains in the automotive aftermarket[9] - The OEM Segment net sales for Q3 2024 were $684,461, down from $728,467 in Q3 2023[23] - Aftermarket Segment net sales for Q3 2024 were $231,036, a slight increase from $230,848 in Q3 2023[23] Tax and Expenses - The effective tax rate for Q3 2024 was 24.8%, down from 26.6% in Q3 2023, due to a discrete tax benefit[11] - Capital expenditures for the full year are estimated to be between $35 million and $45 million[27] - The depreciation and amortization expense for the full year is projected to be between $125 million and $135 million[27] Assets and Liabilities - Total current assets as of September 30, 2024, were $1,244,873, an increase from $1,116,870 as of December 31, 2023[24] - Cash and cash equivalents increased to $161,184 as of September 30, 2024, compared to $66,157 as of December 31, 2023[24] - Total liabilities were $1,606,642 as of September 30, 2024, slightly up from $1,604,283 as of December 31, 2023[24] Operational Efficiency - The company’s inventory turns improved to 3.9 times based on the last twelve months, compared to 3.3 times in the previous period[27] - The average net income as a percentage of net sales for the nine months ended September 30, 2024, was 4.5%, up from 2.3% in the same period of 2023[29] Market Trends - The company experienced a decrease in travel trailer and fifth-wheel RV wholesale production to 68.5 thousand units in September 2024, down from 61.5 thousand units in September 2023[26]