ELKHART — One of the area's largest employers continues to ride the success of the recreational vehicle industry, reporting $498 million in sales for the first quarter of 2017.
LCI Industries, better known as Lippert Components, said that sales were 18 percent higher over the first quarter of 2017 than in the same period of 2016, with an additional $75 million made so far in 2017, according to a press release.
Lippert, a supplier of components to leading original equipment manufacturers of RVs and adjacent industries, has seen a net income of $43.1 million so far this year. The company has more than 8,000 employees worldwide.
The increase in net sales is attributed mainly to growth in wholesale shipments of towable and motorized RVs, which increased 12 percent and 16 percent, respectively, in the first quarter of 2017. That was enhanced by acquisitions completed over the 12 months ending March 31, 2017, which added $17 million in net sales in the first quarter of 2017.
Organic growth, a growth trend that would have naturally occurred due to growth in the industry with or without acquisitions, accounted for 14 of the 18 percent growth in consolidated net sales for the first quarter and growth from acquisitions provided the remainder. Through continued focus on aftermarket channels for the company's products, Lippert increased net sales to the aftermarket in the first quarter of 2017 by more than 20 percent to $36 million.