Lippert remained profitable in the second quarter of 2023 despite a slowdown in sales related to the broader RV industry sales slowdown.
Lippert reported $1 billion in second-quarter net sales, down 34% from the second quarter of 2022. Profits fell 78% from the second quarter of 2022 but Lippert was profitable in the second quarter of 2023, with $33 million in profits.
Lippert President and CEO Jason Lippert said the company’s diversification beyond the RV industry has helped sales during the downturn.
“Execution on diversification has continued to pay off,” Jason Lippert said, “with strength across our aftermarket, international, marine, transportation, and housing markets helping partially offset softer sales in North American RV. Specifically, we saw meaningful margin expansion in our aftermarket segment for the quarter.”
Jason Lippert said the company continued work to right-size its business, investing over $50 million the past 18 months to drive efficiency.
“We are continuing to flex operations to align capacity and labor with shifting OEM production schedules,” he said, “while also supporting the areas of our business that remain strong.”
Jason Lippert said RV demand is improving and the company sees a bright road ahead for the outdoor lifestyle.
