Overview

• U.S. RV components supplier's Q1 revenue rose 4%, slightly beating analyst expectations

• Adjusted EPS for Q1 rose 18% year-over-year to $2.59

• Company cites cost actions, innovation, and premium RV mix for margin expansion

Outlook

• Company sees April 2026 net sales of about $374 mln, down 4% from prior year

• Company lowers 2026 North American RV wholesale shipment forecast to 315,000-330,000 units from 335,000-350,000

• LCI Industries expects 2026 revenue of $4.2 bln to $4.3 bln and operating profit margin of 7.5%-8.0%

• Company raises lower end of 2026 adjusted EPS outlook to $8.75-$9.25 from $8.25-$9.25

Result Drivers

• COST ACTIONS - Margin expansion primarily driven by reduced costs from materials sourcing strategies and footprint optimizations

• ACQUISITIONS AND PRICING - Revenue growth supported by sales from acquired businesses and sales price increases to cover higher material costs

• INNOVATION AND PREMIUM MIX - Higher North American RV sales mix toward premium fifth-wheel units and recent innovations contributed to results

Company press release: ID:nBw7tpYKWa

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the auto, truck & motorcycle parts peer group is "buy"

• Wall Street's median 12-month price target for LCI Industries is $152.00, about 42.3% above its May 4 closing price of $106.79

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 18 three months ago

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