LCI Industries: Initiation Of Coverage – Is The RV Recovery & The Strength In The Aftermarket Sector Here To Stay?

LCI Industries recently shared their second quarter earnings for 2024, reflecting a nuanced performance
characterized by both challenges and growth opportunities. On one hand, the company reported a 4% year-overyear
revenue increase to $1.1 billion, with significant contributions from the Recreational Vehicle (RV) Original
Equipment Manufacturer (OEM) sector, which grew by about 20%. This growth was underpinned by a 15% rise
in North American travel trailer and fifth-wheel wholesale shipments. Additionally, LCI Industries reported a
substantial increase in EBITDA by approximately 40%, along with a 300 basis point expansion in market
margins.