Lippert reported full-year and fourth quarter 2023 financial results in line with the company’s preliminary results released two weeks ago. North America Group President Ryan Smith said 2024’s results are off to a better start than the same period in 2023.
Smith said January 2024 sales were 13% higher than January 2023 sales.
“We started to see business increase as dealers begin to replenish inventories,” Smith said. “February orders are also pacing ahead of prior year, reflecting the positive dealer and consumer sentiment from the RV shows.”
Lippert said January’s results were up as North American RV production rose 57% from January 2023 levels.
In 2023, Lippert posted net sales of $3.8 billion, down 27% from 2022. Profits totaled $64 million, down 84% from 2022.
Fourth-quarter results were lower than the fourth quarter of 2022 but not as significantly as earlier quarters. Fourth-quarter 2023 sales fell 6% from the fourth quarter of 2022 to $838 million. The company’s Aftermarket Segment registered net sales up 10% from the fourth quarter of 2022.
President and CEO Jason Lippert said the company’s operational discipline helped offset the RV and marine market slowdowns during the year.
“Remarkable strength in our Aftermarket business,” he said, “where we continued to see robust performance, coupled with solid results and leadership in our other diversified businesses, significantly contributed to our profitability as we navigate a challenging industry environment.”
Jason Lippert cited numerous successful 2023 product rollouts including independent suspension axles, anti-lock braking systems, 4000 series windows with integrated blinds and leveling systems for towables and motorhomes.
“These new products differentiate us from our competition,” he said, “and will add solid organic content growth and market share expansion. Demonstrating this strength, we have nearly $200 million in net new business commitments in 2024.”
