LCI Q3 Sales Fall 4% to $992M; Adjusted EPS Up 12% to $2.21, 2026 Outlook Reaffirmed
LCII sits 34% above its 52-week low of $77.58 on elevated volume (2.8× avg).
Summary
LCI's Q3 sales fell 4% to $992.5 million on weaker RV demand, but adjusted EPS rose 12% to $2.21 on margin expansion. Full-year 2026 guidance was reaffirmed, while October sales ran 10% below last year.
Key Events · Earnings and Guidance · LCII
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Q3 Sales Down 4% to $992.5M
Consolidated net sales of $992.5 million versus $1,036.5 million a year ago, driven by a 17% drop in RV OEM sales to $389.9 million, partly offset by 7% growth in adjacent industries OEM and 6% in aftermarket.
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Adjusted EPS Up 12% to $2.21
Adjusted net income of $54.0 million and adjusted EBITDA of $111.5 million (11.2% of adjusted net sales) versus $105.9 million. GAAP net income fell to $50.1 million, or $2.05 per diluted share, from $62.5 million, or $2.55, which had included a $19.7 million real-estate gain.
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2026 Guidance Reaffirmed
Revenue of $3.9-$4.0 billion, adjusted operating margin of 7.5%-8.0%, adjusted EPS of $8.25-$8.50 and North American RV wholesale shipments of 285,000-295,000 units. October 2026 net sales of about $341 million were down 10% year over year.
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Balance Sheet and Liquidity
$245.6 million of cash plus $595.4 million of revolver availability at September 30, 2026; long-term debt of $852.4 million and net debt to adjusted EBITDA of 1.4x. $28 million returned via dividends in the quarter.
Analysis · LCII · Manufacturing
Revenue fell 4% to $992.5 million as RV OEM sales dropped 17%, but cost actions and growth in adjacent industries and aftermarket lifted the adjusted operating margin 100 bps to 8.3% and adjusted EPS 12% to $2.21. GAAP EPS fell 20% to $2.05, largely because last year's quarter included a $19.7 million real-estate gain. The company reaffirmed 2026 revenue of $3.9-$4.0 billion and adjusted EPS of $8.25-$8.50, but October net sales of about $341 million were down 10% year over year, pointing to a soft fourth quarter. All of this lands three weeks before the November 18 shareholder vote on the all-stock Patrick Industries merger, which management still expects to close in the first half of 2027.
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In the 30 days to Nov 6, 2026, 35.2% of the 2653 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, LCII was trading at $104.28 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.5B. The 52-week trading range was $77.58 to $159.66. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.