LCI Industries(LCII) - 2024 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 2024 were $968 million, a decrease of 1% from $973.3 million in Q1 2023[4] - Net income increased to $37 million, or $1.44 per diluted share, compared to $7 million, or $0.29 per diluted share in Q1 2023[4] - EBITDA rose to $90 million in Q1 2024, up from $53 million in Q1 2023[4] - Operating profit for the total company increased significantly to $57,611,000 from $20,043,000 year-over-year, indicating a strong recovery in profitability[25] - Net income for the three months ended March 31, 2024, was $36,545,000, compared to $7,259,000 in the same period last year, reflecting a substantial improvement[29] - EBITDA for the three months ended March 31, 2024, was $90,300,000, significantly higher than $52,542,000 in the same period of 2023[33] Segment Performance - RV OEM net sales increased by 15% to $459.6 million, driven by a 9% rise in North American RV wholesale shipments[8] - Aftermarket Segment operating profit margin improved to 11.8%, up from 9.7% in the same period last year[4] - Aftermarket net sales were $209.7 million, down 3% year-over-year, primarily due to lower marine market volumes[10] - The OEM Segment net sales reached $758,311,000, remaining relatively stable compared to $758,173,000 in the prior year, while the Aftermarket Segment net sales decreased to $209,718,000 from $215,137,000[25] Cash and Liquidity - Cash and cash equivalents decreased to $22.6 million from $66.2 million at the end of 2023[13] - The company reported a decrease in cash and cash equivalents to $22,625,000 from $66,157,000 at the end of the previous quarter[27] - Accounts receivable increased to $344,406,000 from $214,707,000, indicating a rise in sales on credit[27] - The remaining availability under the revolving credit facility decreased to $153.8 million from $318.2 million, reflecting tighter liquidity[31] Inventory and Acquisitions - Inventory was reduced by $34 million in Q1 2024, totaling a decrease of $175 million from Q1 2023[4] - The company acquired CWDS, LLC's furniture business in May 2024, expanding its furniture portfolio[4] Tax and Capital Expenditures - The effective tax rate for Q1 2024 was 24.3%, a slight decrease from 24.8% in Q1 2023[12] - The company anticipates a full-year annual tax rate of 24% to 26%[31] - Estimated full-year capital expenditures are projected to be between $55 million and $75 million[31]