LCI Industries (NYSE: LCII) reported Q3 EPS of $2.72, $0.30 better than the analyst estimate of $2.42. Revenue for the quarter came in at $827.7 million versus the consensus estimate of $798.95 million.

Third Quarter 2020 Highlights

• Net sales of $827.7 million in the third quarter, an increase of 41% year-over-year
• Aftermarket Segment sales grew to $185.7 million in the third quarter, an increase of 149% year-over-year
• International sales grew to $59.5 million in the third quarter, an increase of 69% year-over-year
• Adjacent Industries OEM sales increased to $180.6 million in the third quarter, an increase of 11% year-over-year
• Execution of diversification strategy continued as North American RV OEM net sales were less than 51% of total net sales for the twelve months ended September 30, 2020
• Content per travel trailer and fifth-wheel RV, adjusted to remove Furrion sales from prior periods, increased $160 year-over-year, or 5%, to $3,428 for the twelve months ended September 30, 2020
• Net income increased $32.5 million, or 91%, to $68.3 million, or $2.70 per diluted share, in the third quarter
• Adjusted EBITDA increased $51.5 million, or 76%, to $119.4 million in the third quarter
• Total debt decreased to $635.9 million at September 30, 2020 compared to $702.1 million at June 30, 2020, and cash and cash equivalents increased to $68.2 million at September 30, 2020 compared to $62.3 million at June 30, 2020
• Increased quarterly dividend to $0.75 per share totaling $18.9 million

“We are pleased to announce we delivered a record quarter with 41% revenue and 91% earnings growth over the prior year driven by favorable trends in the outdoor recreation space and our recent acquisitions. In the quarter, we significantly expanded market share across our businesses, supported by new business wins and content increases, highlighting the strength of our products and strong execution of our team. We believe our strong operational capabilities, combined with our focus on innovation, will further advance LCI’s industry leadership and enable our continued strong performance,” commented Jason Lippert, LCI Industries’ President and Chief Executive Officer.

“With a significant number of new customers taking advantage of a new outdoor lifestyle, we anticipate that the attractive retail tailwinds we have experienced over the last several months will continue well into 2021 and beyond. In addition, we remain focused on executing our diversification strategy, capturing similar industry tailwinds in our aftermarket and adjacent industries markets,” Lippert continued. “I am very pleased with our terrific performance this quarter, and would like to thank the entire LCI team for rising to the challenge of meeting record RV industry demand levels, capturing growth opportunities, and creating further value for our shareholders.”

October 2020 Results

October 2020 consolidated net sales were approximately $288 million, up 25 percent from October 2019 as the significant increase in RV production continued into the fourth fiscal quarter to meet elevated RV retail demand.

For earnings history and earnings-related data on LCI Industries (LCII) click here.