LCI Industries Files Q3 2024 10-Q
Ticker: LCII · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, automotive-parts
TL;DR
LCI Industries dropped its Q3 2024 10-Q. Financials are in.
AI Summary
LCI Industries filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the nine months ended September 30, 2024. Key financial data and operational updates are presented for the company, which operates in the motor vehicle parts and accessories sector.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of LCI Industries, crucial for understanding the company's trajectory in the automotive parts market.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the automotive parts sector can be subject to cyclical economic factors and supply chain disruptions.
Key Numbers
- 20240930 — Reporting Period End (The 10-Q covers financial data up to this date.)
- 20241107 — Filing Date (The date the report was submitted to the SEC.)
Key Players & Entities
- LCI INDUSTRIES (company) — Filer
- 20240930 (date) — Reporting period end date
- 20241107 (date) — Filing date
- MOTOR VEHICLE PARTS & ACCESSORIES (industry) — Standard Industrial Classification
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the nine months ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is LCI Industries' Standard Industrial Classification code?
LCI Industries' Standard Industrial Classification code is 3714, which corresponds to MOTOR VEHICLE PARTS & ACCESSORIES.
What was the previous company name for LCI Industries?
LCI Industries was formerly known as DREW INDUSTRIES INC, with name changes recorded on December 20, 2016, April 8, 2015, and July 3, 1992.
What is the fiscal year end for LCI Industries?
LCI Industries' fiscal year ends on December 31.
Filing Stats: 4,570 words · 18 min read · ~15 pages · Grade level 18.8 · Accepted 2024-11-07 10:06:59
Filing Documents
- lcii-20240930.htm (10-Q) — 1067KB
- lcii-09302024xex311.htm (EX-31.1) — 10KB
- lcii-09302024xex312.htm (EX-31.2) — 10KB
- lcii-09302024xex321.htm (EX-32.1) — 6KB
- lcii-09302024xex322.htm (EX-32.2) — 6KB
- lcii-20240930_g1.jpg (GRAPHIC) — 234KB
- 0000763744-24-000136.txt ( ) — 6325KB
- lcii-20240930.xsd (EX-101.SCH) — 35KB
- lcii-20240930_cal.xml (EX-101.CAL) — 59KB
- lcii-20240930_def.xml (EX-101.DEF) — 149KB
- lcii-20240930_lab.xml (EX-101.LAB) — 476KB
- lcii-20240930_pre.xml (EX-101.PRE) — 327KB
- lcii-20240930_htm.xml (XML) — 925KB
– 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 10
– 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 22
– QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32
– CONTROLS AND PROCEDURES
ITEM 4 – CONTROLS AND PROCEDURES 32 PART II – OTHER INFORMATION
– LEGAL PROCEEDINGS
ITEM 1 – LEGAL PROCEEDINGS 33
– RISK FACTORS
ITEM 1A – RISK FACTORS 33
– OTHER INFORMATION
ITEM 5 – OTHER INFORMATION 33
– EXHIBITS
ITEM 6 – EXHIBITS 33
SIGNATURES
SIGNATURES 34 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net sales $ 915,497 $ 959,315 $ 2,938,070 $ 2,947,264 Cost of sales 695,539 748,367 2,227,761 2,332,125 Gross profit 219,958 210,948 710,309 615,139 Selling, general and administrative expenses 166,070 165,358 508,206 494,332 Operating profit 53,888 45,590 202,103 120,807 Interest expense, net 6,516 10,325 23,799 30,968 Income before income taxes 47,372 35,265 178,304 89,839 Provision for income taxes 11,760 9,378 44,984 23,267 Net income $ 35,612 $ 25,887 $ 133,320 $ 66,572 Net income per common share: Basic $ 1.40 $ 1.02 $ 5.24 $ 2.63 Diluted $ 1.39 $ 1.02 $ 5.23 $ 2.62 Weighted average common shares outstanding: Basic 25,480 25,340 25,436 25,293 Diluted 25,558 25,504 25,477 25,405 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Net income $ 35,612 $ 25,887 $ 133,320 $ 66,572 Other comprehensive income (loss): Net foreign currency translation adjustment 10,382 ( 2,995 ) 5,661 ( 232 ) Actuarial (loss) gain on pension plans — — ( 345 ) 100 Total comprehensive income $ 45,994 $ 22,892 $ 138,636 $ 66,440 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 5 LCI INDUSTRIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 (In thousands, except per share amount) ASSETS Current assets Cash and cash equivalents $ 161,184 $ 66,157 Accounts receivable, net of allowances of $ 6,262 and $ 5,701 at September 30, 2024 and December 31, 2023, respectively 319,166 214,707 Invent