Recent acquisitions in the marine sector are expected to be among the company’s strong performers in 2020
US-based equipment manufacturer Lippert Components Inc. (LCI) finished 2019 with a lift in fourth quarter sales of 5% to $564 million, but ended the year down 4% overall with net sales of $2.4 billion compared to 2018.
The company attributed much of the year’s sales decline to softness in the OEM recreational vehicle sector where wholesale shipments dropped 16% for the year as dealers corrected inventory levels. Net income for the full year (after tax) was $146.5 million a dip of 1.4% from $148.6 million the previous year.
Lippert’s other business segments – such as ’adjacent industries’ which includes the company’s expanding holdings in the marine sector – fared better with net sales up 7% for the year to $660 million. Aftermarket segment sales were also up strongly by 20% to $280 million, while international sales lept 40% year-over-year to $146 million boosted by a number of European acquisitions in 2019 including Lewmar and the Polyplastic acrylic glazing solutions group. Other Lippert acquisitions made in the past year and relevant to the marine industry include the SureShade retractable sunshade business and electric-powered bimini specialist, PWR-ARM….
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