LCI Industries (NYSE: LCII) (the "Company") which, through its
wholly-owned subsidiary, Lippert Components, Inc., supplies a broad
array of highly engineered components for the leading original
equipment manufacturers ("OEMs") in the recreation and
transportation product markets, and the related aftermarkets of
those industries, today provided select preliminary, unaudited
financial results ranges for the fourth quarter of 2022.
The Company expects net sales in the fourth quarter of 2022 to
be in the range of $890 million to $900 million, and loss per
diluted share to be in the range of $0.62 to $0.73.
“During the fourth quarter, RV OEMs made larger-than-anticipated
adjustments to production levels by taking a collective month of
production down in order to normalize inventories as retail demand
slowed, which had an adverse impact on our results. In response, we
moved quickly to align our operations and manufacturing costs to
current market conditions in order to support profitability in
2023, and as a result, we incurred severance-related and inventory
reserve costs in the fourth quarter,” commented Jason Lippert, LCI
Industries’ President and Chief Executive Officer. “Despite these
near-term impacts, we believe that our core RV demographics remain
strong, and that RV dealer inventories are starting to come down.
We anticipate RV OEM production to return to run rates more
consistent with 2019 levels in the back half of 2023."
"The non-RV related parts of our business where we have been
successfully driving diversification are proving more resilient,
and we anticipate a rebound in aftermarket as parts supply improves
across the industry. Additionally, our teams continue to drive new
innovative products to support future growth," Lippert continued.
"In the interim, our experienced leadership team is taking prudent
action, adjusting our cost structure while executing on our proven
diversification strategy to minimize the impact of softened RV
demand, drive sustainable growth, and generate long-term
shareholder value.”
The financial results ranges included in this release are
preliminary, unaudited, and are estimates based on information
available to Company management as of the date of this release.
These preliminary estimates are subject to change, including as a
result of the completion of year-end accounting and financial
reporting and audit procedures. The Company's actual results may
differ materially from these preliminary estimated financial
results due to a number of factors, including those that may result
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.
Conference Call & Webcast
LCI Industries will host a conference call to discuss its fourth
quarter and full-year 2022 results on Tuesday, February 14, 2023,
at 8:30 a.m. Eastern time, which may be accessed by dialing (844)
200-6205 for participants in the U.S. and (226) 828-7575 for those
in Canada or (929) 526-1599 for participants outside the
U.S./Canada using the required conference ID 537233. 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 (929) 458-6194 for participants in the U.S. and (226)
828-7578 for those in Canada or (204) 525-0658 for participants
outside the U.S./Canada and referencing 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 array of highly
engineered components for the leading OEMs in the recreation and
transportation product markets, consisting primarily of
recreational vehicles and adjacent industries, including buses;
trailers used to haul boats, livestock, equipment, and other cargo;
trucks; boats; trains; manufactured homes; and modular housing. The
Company also supplies engineered components to the related
aftermarkets of these industries, primarily by selling to retail
dealers, wholesale distributors, and service centers, as well as
direct to retail customers via the Internet. Lippert's products
include steel chassis and related components; axles and suspension
solutions; slide-out mechanisms and solutions; thermoformed bath,
kitchen, and other products; vinyl, aluminum, and frameless
windows; manual, electric, and hydraulic stabilizer and leveling
systems; entry, luggage, patio, and ramp doors; furniture and
mattresses; electric and manual entry steps; awnings and awning
accessories; towing products; truck accessories; electronic
components; appliances; air conditioners; televisions and sound
systems; tankless water heaters; and other accessories. Additional
information about Lippert and its products can be found at
www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
with respect to our preliminary estimated 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
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 preliminary estimated financial results for the fourth
quarter of 2022, future business prospects, net sales, expenses and
income (loss), capital expenditures, tax rate, cash flow, financial
condition, liquidity, covenant compliance, retail and wholesale
demand, integration of acquisitions, R&D investments, 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 COVID-19, or other future
pandemics, the Russia-Ukraine war, and heightened tensions between
China and Taiwan 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, 2021, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230125005824/en/
Contact: Brian Hall, CFO Phone: (574) 535-1125
E Mail: LCII@lci1.com
LCI Industries (NYSE:LCII)
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