LCI Industries Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditure and Tax Rate Guidance for the Year 2018
February 08, 2018 at 06:00 pm IST
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LCI Industries announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net sales of $547,137,000 compared to $402,899,000 a year ago. Operating profit was $44,185,000 compared to $40,596,000 a year ago. Income before income taxes was $43,910,000 compared to $40,203,000 a year ago. Net income was $17,464,000 or $0.68 per diluted share compared to $26,299,000 or $1.05 per diluted share a year ago. Capital expenditures were $26,876,000 compared to $22,744,000 a year ago. Adjusted non-GAAP income before income taxes was $43,910,000. Adjusted non-GAAP net income was $30,673,000 or $1.20 per diluted share. Effective tax rate was 30%.
For the year, the company reported net sales of $2,147,770 compared to $1,678,898 a year ago. Operating profit was $214,281 compared to $200,850 a year ago. Income before income taxes was $212,844,000 compared to $199,172,000 a year ago. Net income was $132,884,000 or $5.24 per diluted share compared to $129,671,000 or $5.20 per diluted share a year ago. Capital expenditures were $87,221,000 compared to $44,671,000 a year ago. Net cash flows provided by operating activities were $154,773,000 compared to $203,407,000 a year ago. Adjusted non-GAAP income before income taxes was $212,844,000. Adjusted non-GAAP net income was $146,093,000 or $5.76 per diluted share. Effective tax rate was 31%.
For the year 2018, Capital expenditures are expected to be $70 million to $80 million. Annual tax rate to be 22% to 24%.
LCI Industries, through its wholly owned subsidiary, Lippert Components, Inc. (Lippert), supplies, domestically and internationally, a broad array of engineered components for the original equipment manufacturers (OEMs) in the recreation and transportation markets. The Company's segments include OEMs and the Aftermarket. The OEMs segment manufactures and distributes a broad array of engineered components for the OEMs of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Aftermarket Segment supplies many of these engineered components to the related aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. Lippert's products include steel chassis and related components, axles and suspension solutions, and others.
LCI Industries Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Capital Expenditure and Tax Rate Guidance for the Year 2018