LCI Industries Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LCI Industries has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

LCI INDUSTRIES (LCII) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. LCI Industries filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is 3501 County Road 6 East, Elkhart, IN 46514. LCI Industries was formerly known as DREW INDUSTRIES INC. The filing includes data related to various financial statement line items and equity components.

Why It Matters

For investors and stakeholders tracking LCI INDUSTRIES, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, net income, and balance sheet information, crucial for assessing the company's current performance and financial health. Understanding the details within this report allows stakeholders to evaluate LCI Industries' operational segments and their contributions, as well as any significant changes in its capital structure or debt levels.

Risk Assessment

Risk Level: low — LCI INDUSTRIES shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not contain any immediately apparent unusual or high-risk information.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand the drivers of revenue and profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01)
• 2024-03-31 — Quarter End Date (2024-03-31)

Key Players & Entities

• LCI INDUSTRIES (company) — FILER
• DREW INDUSTRIES INC (company) — FORMER COMPANY
• 0000763744 (company) — CENTRAL INDEX KEY
• 3501 COUNTY ROAD 6 EAST (company) — BUSINESS ADDRESS STREET 1
• ELKHART (company) — BUSINESS ADDRESS CITY
• IN (company) — BUSINESS ADDRESS STATE
• 46514 (company) — BUSINESS ADDRESS ZIP
• 5745351125 (company) — BUSINESS PHONE

FAQ

Industry Context

LCI Industries operates in the Motor Vehicle Parts & Accessories sector, supplying products to the recreational vehicle (RV) and manufactured housing industries.

Regulatory Implications

The filing is a Form 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability in Q1 2024.
2. Examine any disclosed segment performance data to understand contributions from OEM and Aftermarket.
3. Review the balance sheet for changes in assets, liabilities, and equity compared to prior periods.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2024-05-03: Subsequent Event — Indicates an event that occurred after the balance sheet date but before the filing date.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following the company's previous filings which would include annual reports (10-K) and prior quarterly reports (10-Q).

Filing Documents

• lcii-20240331.htm (10-Q) — 824KB
• lcii-03312024xex101xformof.htm (EX-10.1) — 97KB
• lcii-03312024xex311.htm (EX-31.1) — 10KB
• lcii-03312024xex312.htm (EX-31.2) — 10KB
• lcii-03312024xex321.htm (EX-32.1) — 6KB
• lcii-03312024xex322.htm (EX-32.2) — 6KB
• lcii-20240331_g1.jpg (GRAPHIC) — 234KB
• 0000763744-24-000059.txt (&nbsp;) — 5829KB
• lcii-20240331.xsd (EX-101.SCH) — 35KB
• lcii-20240331_cal.xml (EX-101.CAL) — 57KB
• lcii-20240331_def.xml (EX-101.DEF) — 146KB
• lcii-20240331_lab.xml (EX-101.LAB) — 469KB
• lcii-20240331_pre.xml (EX-101.PRE) — 322KB
• lcii-20240331_htm.xml (XML) — 751KB

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF INCOME 4 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 5 CONDENSED CONSOLIDATED BALANCE SHEETS 6 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 7 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 8 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 9

– MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29

– CONTROLS AND PROCEDURES

ITEM 4 – CONTROLS AND PROCEDURES 29 PART II – OTHER INFORMATION

– LEGAL PROCEEDINGS

ITEM 1 – LEGAL PROCEEDINGS 30

– RISK FACTORS

ITEM 1A – RISK FACTORS 30

– OTHER INFORMATION

ITEM 5 – OTHER INFORMATION 30

– EXHIBITS

ITEM 6 – EXHIBITS 30

SIGNATURES

SIGNATURES 31 EXHIBIT 31.1 - SECTION 302 CEO CERTIFICATION EXHIBIT 31.2 - SECTION 302 CFO CERTIFICATION EXHIBIT 32.1 - SECTION 906 CEO CERTIFICATION EXHIBIT 32.2 - SECTION 906 CFO CERTIFICATION 3

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS LCI INDUSTRIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Net sales $ 968,029 $ 973,310 Cost of sales 744,123 787,239 Gross profit 223,906 186,071 Selling, general and administrative expenses 166,295 166,028 Operating profit 57,611 20,043 Interest expense, net 9,321 10,394 Income before income taxes 48,290 9,649 Provision for income taxes 11,745 2,390 Net income $ 36,545 $ 7,259 Net income per common share: Basic $ 1.44 $ 0.29 Diluted $ 1.44 $ 0.29 Weighted average common shares outstanding: Basic 25,374 25,228 Diluted 25,389 25,293 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 LCI INDUSTRIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (In thousands) Net income $ 36,545 $ 7,259 Other comprehensive (loss) income: Net foreign currency translation adjustment ( 3,263 ) 2,000 Total comprehensive income $ 33,282 $ 9,259 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 5 LCI INDUSTRIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 (In thousands, except per share amount) ASSETS Current assets Cash and cash equivalents $ 22,625 $ 66,157 Accounts receivable, net of allowances of $ 7,181 and $ 5,701 at March 31, 2024 and December 31, 2023, respectively 344,406 214,707 Inventories, net 734,360 768,407 Prepaid expenses and other current assets 68,068 67,599 Total current assets 1,169,459 1,116,870 Fixed assets, net 454,071 465,781 Goodwill 587,791 589,550 Other intangible assets, net 432,728 448,759 Operating lease right-of-use assets 242,442 245,388 Other long-term assets 94,845 92,971 Total assets $ 2,981,336 $ 2,959,319 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities C