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.
You must be a subscriber and signed-in to access this content.
to gain access to IBI Plus Premium content.
Alternatively, REGISTER to receive IBI Daily News & Breaking News alerts for free.
Already a subscriber? Sign-in now at the top of this page.