LCI Industries (NYSE: LCII) reported Q1 EPS of $1.38, $0.06 better than the analyst estimate of $1.32. Revenue for the quarter came in at $592.2 million versus the consensus estimate of $585.65 million.

• Net sales of $592.2 million in the first quarter, a decrease of 9% year-over-year
• Net income of $34.4 million or $1.38 per diluted share in the first quarter
• Operating profit margin improved 260 bps from the fourth quarter of 2018 to 8.1%
• Content per travel trailer and fifth-wheel increased $187 year-over-year, or 6%, to $3,504 for the twelve months ended March 31, 2019
• Content per motorhome increased $172 year-over-year, or 7%, to $2,500 for the twelve months ended March 31, 2019
• Adjacent Industries OEM sales grew to $169.9 million for the quarter, up 19% year-over-year
• Aftermarket sales grew to $60.4 million for the quarter, up 20% year-over-year
• International sales grew to $33.6 million for the quarter, up 49% year-over-year
• Quarterly dividend of $0.60 per share paid totaling $15.0 million

“We continue to execute on our diversification strategy, which delivered high double-digit growth in our adjacent markets, aftermarket, and international sales together which now make up 39 percent of our last twelve months sales. This strategy has proven critical in the current decreased volume operating environment in our Recreational Vehicle OEM segment, as it offset wholesale shipments that were down roughly 30 percent during the quarter as dealers continue to normalize inventory levels. We also remain steadfast in our efforts that are bearing fruit to enhance overall operational efficiencies to mitigate higher material costs, as operating margins, while lower year-over-year, outpaced our expectations during the first quarter,” said LCI Industries’ Chief Executive Officer, Jason Lippert. “As we enter the prime retail selling season, we believe that channel inventories will move towards more appropriate levels by the end of the second quarter. In the meantime, we continue to pursue opportunities for content growth, acquisitions, and market share gains, and are confident our strong leadership position in RVs, as well as in our emerging businesses, will drive long-term shareholder value.”

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