LCI Industries (LCII) FY2024 results: revenue $3.7 billion, down 1.2% on the year

LCI Industries (LCII) reported revenue of $3.7 billion for fiscal 2024, the year ended 31 December 2024, down 1.2% on the year before. Net income was $143 million, up 122.6%, and diluted earnings per share $5.60. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$3.7 billion

-1.2% on the year

FY2017FY2024

Operating margin

5.8%

3.3% a year earlier

FY2017FY2024

Net income

$143 million

+122.6% on the year

FY2017FY2024

Diluted EPS

$5.60

+122.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,741	3,785	5,207	-1.2%
Cost of revenue	2,861	3,009	3,934	-4.9%
Gross profit	880	776	1,273	+13.3%
Gross margin	23.5%	20.5%	24.5%
Selling, general and administrative	465	453	720	+2.6%
Operating income	218	123	553	+76.8%
Operating margin	5.8%	3.3%	10.6%
Interest expense	28.9	40.4	27.6	-28.5%
Pre-tax income	189	83.0	525	+128.1%
Income tax	46.5	18.8	130	+147.1%
Effective tax rate	24.5%	22.7%	24.8%
Net income	143	64.2	395	+122.6%
Net margin	3.8%	1.7%	7.6%
Diluted EPS	$5.60	$2.52	$15.48	+122.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	370	527	603	-29.8%
Capital expenditure	42.3	62.2	131	-32.0%
Free cash flow	328	465	472	-29.5%
Free cash flow margin	8.8%	12.3%	9.1%
Cash from investing	-61.1	-83.7	-242
Cash from financing	-208	-426	-375
Depreciation and amortisation	126	132	129	-4.6%
Share-based compensation	18.7	18.2	23.7	+2.3%
Buybacks	0.0	0.0	24.1
Dividends paid	109	106	103	+2.9%
Dividend per share	$4.30	$4.20	$4.05	+2.4%
Diluted shares, weighted	26m	25m	26m	+0.3%
Shares outstanding at period end	25m	25m	25m	+0.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,387	1,355	1,381	+2.4%
Debt	757	847	1,119	-10.6%
Operating lease liabilities	200	223	222	-10.2%
Other liabilities	551	534	524	+3.1%
Total liabilities and equity	2,895	2,959	3,247	-2.2%
Fixed assets	433	466	482	-7.1%
Goodwill	586	590	567	-0.6%
Intangible assets	392	449	503	-12.6%
Cash and equivalents	166	66.2	47.5	+150.5%
Receivables	200	215	214	-7.1%
Inventory	737	768	1,030	-4.1%
Other assets	382	406	403	-5.8%
Total assets	2,895	2,959	3,247	-2.2%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.