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Sep 30, 2025
LCI Q3 2025 Earnings Report
LCI Industries reported strong third quarter 2025 financial results, with significant revenue growth and margin expansion.
Key Takeaways
LCI Industries delivered a robust third quarter in 2025, with net sales increasing by 13% to $1.0 billion, driven by organic growth in RV OEM and Aftermarket segments. The company achieved a 75% increase in net income to $62 million and a 35% rise in adjusted net income to $48 million, demonstrating sustained margin expansion and effective operational optimization.
Net sales increased by 13% to $1.0365 billion, primarily due to organic growth in RV OEM and Aftermarket segments.
Net income surged by 75% to $62.5 million, or $2.55 per diluted share, compared to the prior year.
Adjusted net income grew by 35% to $48.1 million, or $1.97 per diluted share, excluding specific one-time items.
Operating profit margin expanded by 140 basis points to 7.3%, driven by reduced material costs and increased North American RV sales volume.
Revenue by Segment
Forward Guidance
LCI Industries anticipates continued growth and margin improvement, with projected October 2025 net sales up 15% and an 85 basis point operating profit margin improvement for full-year 2025. The company also provided initial 2026 operating profit margin guidance and North American RV wholesale shipment forecasts.
Positive Outlook
- October 2025 net sales projected at approximately $380 million, up 15% from prior year.
- On track to deliver an 85 basis point operating profit margin improvement for full-year 2025.
- Targeting 2026 operating profit margin of 7.0% to 8.0%.
- 2026 North American RV wholesale shipments projected between 345,000 and 360,000 units.
- Continued facility optimization efforts with two additional planned consolidations by year-end 2025, targeting 8-10 for 2026.
Challenges Ahead
- Exploring divestiture opportunities of approximately $75 million of revenues that are dilutive to the business in 2026.
- Current market and economic conditions, along with existing tariffs, may impact future performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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