Lippert reports mixed Q2 results, together with surging summer demand

Lippert sign

The US-based component supplier saw sales declines related to OEM shutdowns early in the second quarter, offset by a 109% jump in aftermarket sales and surging June and July retail demand in the outdoor-leisure segment

The second quarter of 2020 brought mixed financial results for Indiana, US-based parts and components manufacturer Lippert Components Inc (LCI), as sales declines to boat builders and RV manufacturers shut down by the Covid-19 pandemic were at least partially offset by substantial increases in the company’s aftermarket and international business.

For the quarter ended June 30, 2020, LCI reported net sales of US$525.8m, reflecting a -16% year-over-year decrease from the $629m in revenues earned during the second quarter of 2019. Cost of sales for the period also declined YOY, reported at $397m compared to $480m for the previous Q2. This allowed the company to generate a gross profit of $128.7m for the quarter, down 13.3% from the $148.6m in gross profit reported for the previous second quarter.

Operating profit for the second quarter of 2020 was reported as $20.7m, compared to $65.6m for the previous Q2 for a YOY decline of 68.4%. Net income for the quarter was reported as $13.1m, down 72.4% YOY from the $47.5m in Net Income reported for Q2 2019….

To continue reading for commentary on Lippert’s marine-related business and Q&A with analysts, see the subscription options below to access IBI Premium Content.

This is premium content

You must be a subscriber and signed-in to access this content.

IBI Magazine_Website_promo_July

 

Upgrade your access to ibinews.com

Want to read some premium content, but don’t need unlimited IBI Plus access?

Then go for the IBI Upgrade package which, for the cost of a couple of coffees a week:

  • 20 Premium IBI Plus stories per month
  • IBI Daily News email
  • All non-premium content on offer
  • £20/month or £200/year
  • Payable by credit card

OR subscribe to IBI Plus for even more benefits

  • Breaking industry news as it happens
  • Unlimited access to all IBI Plus Premium content, including:
  • Industry statistics
  • Market reports
  • Company insights
  • In-depth segment reports
  • Our archive of more than 30,000 news items and features
  • Plus manage your password, contact details and save articles under ’My Account’
  • Starting at £375/year with volume discounts for 5 or more users

Get access to IBI Plus Premium content Subscribe Today

Alternatively REGISTER to receive IBI Daily News & Breaking News alerts for free.

Already a subscriber? Sign-in now at the top of this page.