Benzinga | Aug 3, 2021 02:34PM EDT

LCI Industries Q2 Earnings Miss Estimates; July Sales Increase 25%

* LCI Industries (NYSE:LCII) reported second-quarter FY21 sales growth of 109.2% year-on-year, to $1.094 billion, beating the analyst consensus estimate of $1.04 billion.

* The increase in revenue was primarily driven by record RV retail demand and strong Aftermarket sales growth.

* North American RV OEM sales grew 151% Y/Y to $548.6 million, driven by wholesale and retail demand.

* Gross profit rose 100% Y/Y to $257.6 million. Operating profit for the quarter rose 352.2% to $93.9 million.

* The company held $97.9 million in cash and equivalents as of June 30, 2021.

* Net cash flows provided by operating activities for the six months declined to $23.9 million.

* Adjusted EBITDA increased 166% Y/Y, to $121.3 million.

* Adjusted EPS of $2.68 missed the analyst consensus of $2.71.

* "There remains no end in sight for the current levels of retail demand as waves of consumers enter the outdoor lifestyle, and each of our businesses is strongly positioned to capture new growth opportunities through surging demand for both new and rental units," said CEO Jason Lippert.

* July 2021 net sales increased 25% to $355 million as production increased to meet elevated RV and marine retail demand.

* Price action: LCII shares are trading lower by 1.08% at $144.22 on the last check Tuesday.