LCI Industries (LCII) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 rose 4% year-over-year to $1.1 billion, with net income up 27% to $63 million and adjusted EPS up 18% to $2.59, despite softness in RV and leisure markets.

• Adjusted EBITDA increased 13% to $125 million, with operating profit margin expanding 90 bps to 8.7% year-over-year.

• Diversification, acquisitions, and operational excellence drove margin expansion and resilience, with European and adjacent industry operations delivering record or strong results.

• Ongoing innovation and product launches, including new leveling systems and advanced RV components, are fueling content and revenue growth.

• Strong cash flow from operations over the last twelve months, with $28 million returned to shareholders via dividends in Q1.

Financial highlights

• Q1 consolidated net sales up 4% year-over-year to $1.1 billion; OEM net sales up 4% to $852.8 million, aftermarket net sales up 7% to $237.7 million.

• Adjusted EBITDA rose 13% to $125 million, with margin expanding to 11.5% of net sales.

• Operating profit increased 17% to $95 million; operating margin improved to 8.7% from 7.8% a year ago.

• GAAP net income up 27% to $63 million; GAAP EPS $2.53, adjusted diluted EPS $2.59.

• Cash and cash equivalents at $142 million, with $595 million available on the revolving credit facility.

Outlook and guidance

• Full-year 2026 revenue expected at $4.2–$4.3 billion; operating margin guided at 7.5%–8.0%.

• Adjusted EPS guidance tightened to $8.75–$9.25, up to 24% annual growth at the high end.

• RV wholesale shipments forecast lowered to 315,000–330,000 units; marine OEM growth expected flat to low single digits.

• Capital expenditures projected at $55–$75 million for the year.

• Management expects operating cash flows and credit facilities to be sufficient for anticipated needs over the next twelve months.