LCI Industries reported consolidated net sales of $1,045.6 million for the first quarter of 2025, an 8% increase from $968.0 million in Q1 2024. Net income for the quarter was $49.4 million, or $1.94 per diluted share, up from $36.5 million, or $1.44 per diluted share, in the prior year. Adjusted EBITDA increased to $110.9 million from $90.3 million in Q1 2024, reflecting strong operational flexibility and cost management.
The OEM segment's net sales rose to $823.6 million, an increase of $65.2 million, driven by a 15% increase in RV OEM net sales. RV OEM sales benefited from an 18% increase in North American travel trailer and fifth-wheel wholesale shipments and market share gains. The OEM segment's operating profit margin expanded significantly to 7.5% from 4.3% in Q1 2024, due to higher sales volumes, lower material costs, and improved production labor efficiencies.
The company disclosed the closing of $460.0 million aggregate principal amount of 3.000% convertible senior notes due 2030 on March 14, 2025, with net proceeds of approximately $448.5 million. These proceeds were used to repay $368.0 million of 1.125% convertible senior notes due 2026, enter into convertible note hedge transactions, and repurchase $28.3 million of common stock. Additionally, on March 25, 2025, LCI Industries entered a new credit agreement, comprising a $600.0 million revolving credit facility and a new $400.0 million term loan B, which refinanced the previous term loan, extending debt maturities.
In the first quarter, LCI Industries used $29.6 million for an acquisition, which included TransAir, a manufacturer of climate control systems for the commercial bus industry, completed in March. This acquisition, along with Freedman Seating, deepens the company's position in the bus market, an adjacency shielded from consumer swings. Management reiterated its commitment to the $5 billion organic revenue goal by 2027 and an 85 basis point margin improvement in 2025 through infrastructure optimization.
April 2025 consolidated net sales were approximately $392 million, representing a 3% increase from April 2024. This growth was primarily driven by an 8% increase in Adjacent Industries OEM sales and a 7% increase in RV OEM sales. The Aftermarket segment's net sales increased 6% to $222.0 million, driven by higher volumes in RV and marine aftermarkets and market share gains in the automotive aftermarket.
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