LCI Industries, through its wholly-owned subsidiary, Lippert Components, Inc., an RV and transportation OEM supplier, reported that despite labor, freight and supply chain issues, it achieved a record $4.5 billion in revenue for 2021.
Jason Lippert, LCI Industries president and CEO, said the performance is a result of dedicated team members using automation and continuous improvement initiatives.
“Our culture continues to be a cornerstone of our success, as we live and breathe innovation in all areas of the business and continue to challenge our teams to meet heightened demand levels,” Lippert said. “Organic growth was up significantly this year, and, at the same time, we further laid the groundwork for long-term growth through six strategic acquisitions which expanded our competitive footprint in new, growing markets while adding a wide range of innovative offerings.”
The momentum is continuing in 2022, Lippert reported. January 2022 net sales were rose 71% from January 2021 to $526 million. Lippert stated production increased significantly to meet elevated demand.
Lippert reported fourth-quarter net sales rose 55% from the fourth quarter of 2020 to $1.2 billion. The company said the increase was driven primarily by record RV retail demand and strong aftermarket sales growth.
Net sales from acquisitions completed in 2020 and 2021 contributed $97 million in the fourth quarter of 2021, Lippert reported.
Lippert stated experiential and ambassador programs drove consumer support in 2021.
“These efforts are proving effective in helping us get closer to our customers, while also driving product and service improvements, furthering our reputation as a leader for customer care and experience in our industry,” Jason Lippert said. “I would like to thank all of our Lippert team members for their hard work in propelling our business forward and am excited for the growth opportunities that lay ahead as we deliver value to our customers and shareholders in 2022.”
Fourth-quarter profits rose 69% from the fourth quarter of 2020 to $82.3 million.
The company’s average product content per travel trailer and fifth-wheel RV in 2021 increased 23.8% from 2020 to $4,198. The company reported its content increase in towables resulted from organic growth, including pricing and new product introductions.
