LCI Industries reported consolidated net sales of $803.1 million for the fourth quarter of 2024, a 4% decrease from $837.5 million in the same period of 2023. Despite the sales decline, net income significantly improved to $9.5 million, or $0.37 per diluted share, compared to a net loss of $2.4 million, or $(0.09) per diluted share, in Q4 2023. EBITDA for the quarter increased to $45.8 million, up from $35.6 million in the prior year.
For the full year 2024, consolidated net sales were $3.7 billion, a 1% decrease from $3.8 billion in 2023. Net income for the full year reached $142.9 million, or $5.60 per diluted share, a substantial increase from $64.2 million, or $2.52 per diluted share, in 2023. Full year EBITDA also saw significant growth, rising to $343.9 million from $255.2 million in the previous year, reflecting operational improvements and cost savings.
The OEM segment's operating profit expanded to $1.9 million, or 0.3% of net sales, in Q4 2024, reversing an operating loss of $11.7 million in Q4 2023. This improvement was driven by operational enhancements, partially offsetting lower sales to North American marine and utility trailer OEMs. The Aftermarket segment reported net sales of $181.6 million, a 1% increase, with an operating profit margin of 7.9%.
Looking ahead, management is focused on expanding profitability and achieving further cost savings in 2025, targeting $5 billion in net sales organically by 2027 and a return to double-digit operating margins. The company reported January 2025 consolidated net sales of approximately $328 million, a 6% increase from January 2024, with RV OEM sales up 17% and aftermarket sales up 6%.
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