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LCI Industries(LCII) - 2024 Q4 - Annual Results
LCIILCI Industries(LCII)2025-02-11 12:27

Financial Performance - Fourth quarter 2024 net sales were 803million,adecreaseof4803 million, a decrease of 4% year-over-year from 837.5 million in Q4 2023[5] - Net income for Q4 2024 was 9.5million,or9.5 million, or 0.37 per diluted share, compared to a net loss of 2.4millioninQ42023[5]−EBITDAforQ42024was2.4 million in Q4 2023[5] - EBITDA for Q4 2024 was 46 million, representing 5.7% of net sales, up 29% year-over-year from 35.6millioninQ42023[5][7]−Fullyear2024netsalestotaled35.6 million in Q4 2023[5][7] - Full year 2024 net sales totaled 3.7 billion, down 1% from 3.8billionin2023,whilenetincomeincreased1233.8 billion in 2023, while net income increased 123% to 143 million[9] - The company achieved a 35% year-over-year increase in EBITDA for 2024, totaling 344million[5][9]−NetsalesforQ42024were344 million[5][9] - Net sales for Q4 2024 were 803,138, a decrease of 4.1% from 837,544inQ42023;totalnetsalesfortheyearwere837,544 in Q4 2023; total net sales for the year were 3,741,208, down 1.2% from 3,784,808in2023[26]−GrossprofitforQ42024increasedto3,784,808 in 2023[26] - Gross profit for Q4 2024 increased to 169,406, up 5.3% from 161,051inQ42023;annualgrossprofitroseto161,051 in Q4 2023; annual gross profit rose to 879,715, a 13.3% increase from 776,190[26]−OperatingprofitforQ42024was776,190[26] - Operating profit for Q4 2024 was 16,134, compared to 2,621inQ42023;totaloperatingprofitfortheyearreached2,621 in Q4 2023; total operating profit for the year reached 218,237, up 76.7% from 123,428[26]−NetincomeforQ42024was123,428[26] - Net income for Q4 2024 was 9,547, a turnaround from a net loss of 2,377inQ42023;annualnetincomeincreasedto2,377 in Q4 2023; annual net income increased to 142,867, up 122.4% from 64,195[26]−Netincomeasapercentageofnetsalesimprovedto1.264,195[26] - Net income as a percentage of net sales improved to 1.2% in Q4 2024 from (0.3%) in Q4 2023[37] - EBITDA as a percentage of net sales increased to 5.7% in Q4 2024, compared to 4.2% in Q4 2023[37] - For the full year 2024, net income reached 142,867,000, a substantial increase from 64,195,000in2023[37]−FullyearEBITDAroseto64,195,000 in 2023[37] - Full year EBITDA rose to 343,930,000 in 2024, up from 255,196,000in2023,indicatingagrowthof35255,196,000 in 2023, indicating a growth of 35%[37] Cash Flow and Capital Expenditures - Cash flows from operating activities for 2024 were 370 million, with 109millionreturnedtoshareholdersthroughdividends[5][18]−Thecompanyreportedcapitalexpendituresof109 million returned to shareholders through dividends[5][18] - The company reported capital expenditures of 42,333 for the year, down from 62,209in2023;estimatedcapitalexpendituresfor2025areprojectedtobebetween62,209 in 2023; estimated capital expenditures for 2025 are projected to be between 50 million and 70million[32][34]−CashandcashequivalentsattheendofQ42024were70 million[32][34] - Cash and cash equivalents at the end of Q4 2024 were 165,756, significantly up from 66,157attheendofQ42023[30]−Theremainingavailabilityundertherevolvingcreditfacilityincreasedto66,157 at the end of Q4 2023[30] - The remaining availability under the revolving credit facility increased to 452.5 million in Q4 2024 from 245.3millioninQ42023[34]TaxandDepreciation−Theeffectivetaxratefor2024was24.5245.3 million in Q4 2023[34] Tax and Depreciation - The effective tax rate for 2024 was 24.5%, compared to 22.7% in 2023, primarily due to an increase in the state tax rate[17] - The company expects an annual tax rate of 24% to 26% for 2025, with depreciation and amortization projected between 115 million and 125million[34]−Depreciationexpenseforthefullyear2024was125 million[34] - Depreciation expense for the full year 2024 was 70,393,000, slightly lower than 74,693,000in2023[37]−TheprovisionforincometaxesinQ42024was74,693,000 in 2023[37] - The provision for income taxes in Q4 2024 was 1,487,000, compared to a benefit of (4,458,000)inQ42023[37]ProductDevelopmentandMarketStrategy−ThecompanyintroducedtheinnovativeTouringCoilSuspensionproduct,contributingtocontentexpansionandmarketsharegains[5][3]−January2025consolidatednetsaleswereapproximately(4,458,000) in Q4 2023[37] Product Development and Market Strategy - The company introduced the innovative Touring Coil Suspension product, contributing to content expansion and market share gains[5][3] - January 2025 consolidated net sales were approximately 328 million, up 6% from January 2024, driven by a 17% increase in RV OEM sales[11] - The company aims for 5billioninnetsalesorganicallyby2027,targetingareturntodouble−digitoperatingmargins[4]SegmentPerformance−TheOEMSegmentnetsalesforQ42024were5 billion in net sales organically by 2027, targeting a return to double-digit operating margins[4] Segment Performance - The OEM Segment net sales for Q4 2024 were 621,553, down 5.6% from 658,095inQ42023;AftermarketSegmentnetsalesincreasedto658,095 in Q4 2023; Aftermarket Segment net sales increased to 181,585, up 1.3% from 179,449[28]−InterestexpenseforQ42024was179,449[28] - Interest expense for Q4 2024 was 5,100,000, down from $9,456,000 in Q4 2023, showing a reduction of 46%[37]