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LCI Industries (LCII+0.90%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $915.5 million from $959.3 million in the same quarter the previous year. The decrease is attributed to lower sales in the OEM Segment.
Net income for the quarter was $35.6 million, up from $25.9 million in the previous year. Basic earnings per share increased to $1.40 from $1.02.
Operating profit for the quarter was $53.9 million, compared to $45.6 million in the previous year. The increase in operating profit was primarily due to decreases in material and freight costs.
The OEM Segment reported net sales of $684.5 million, down from $728.5 million in the previous year, primarily due to lower sales to motorhome and adjacent industries OEMs.
The Aftermarket Segment reported net sales of $231.0 million, consistent with $230.8 million in the previous year. The segment faced lower volumes within the RV aftermarket.
Interest expense for the quarter was $6.5 million, down from $10.3 million in the previous year, due to net repayments on the revolving credit facility and term loan.
Cash provided by operating activities was $263.7 million for the nine months ended September 30, 2024, compared to $389.3 million in the previous year.
Cash used in investing activities was $50.6 million, primarily for capital expenditures and acquisitions, compared to $71.6 million in the previous year.
Cash used in financing activities was $117.2 million, primarily for dividend payments and net debt repayments.
LCI Industries maintains a credit agreement with JPMorgan Chase (JPM-0.63%), providing a $600 million revolving credit facility and term loans totaling $400 million. The company was in compliance with all financial covenants as of September 30, 2024.
The company reported a decrease in warranty costs due to product quality initiatives, positively impacting operating profit.
LCI Industries continues to focus on diversifying its market presence beyond the North American RV OEM industry, with 57% of net sales generated outside this market for the nine months ended September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LCI Industries quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.