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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, will release its second quarter 2026 financial results before the market opens on Wednesday, August 5, 2026. Conference Call & Webcast LCI Industries will also host a conference call and webcast to discuss its second quarter 2026 results on Wednesday, August 5, 2026, at 8:30 a.m. ET. An online, real-time webcast, as well as a supplemental ear.

Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transactions may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

NEW YORK, June 30, 2026 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

LCI Industries (NYSE: LCII)’s sale to Patrick Industries, Inc. for 1.2440 shares of Patrick common stock for each share of LCI Industries common stock. If you are a LCI Industries shareholder, click here to learn more about your rights and options.

Nuvalent, Inc. (NASDAQ: NUVL)’s sale to GSK plc for $124.00 per share in cash. If you are a Nuvalent shareholder, click here to learn more about your rights and options.

Dana Incorporated (NYSE: DAN)’s sale to Eaton Corporation plc. Upon closing of the Proposed Transaction, Dana shareholders will own approximately 49.9% of the combined company. If you are a Dana shareholder, click here to learn more about your legal rights and options.

Taylor Morrison Home Corporation (NYSE: TMHC)’s sale to Berkshire Hathaway Inc. for $72.50 per common share in cash. If you are a Taylor Morrison shareholder, click here to learn more about your legal rights and options.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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, /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating LCI Industries (NYSE: LCII) related to its sale to Patrick Industries, Inc. Under the terms of the proposed transaction, LCI shareholders are expected to receive 1.2440 shares of Patrick common stock for each share of LCI common stock. Is it a fair deal?

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No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

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NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the sale of LCI Industries (NYSE: LCII) to Patrick Industries, Inc. for 1.2440 shares of Patrick common stock for each share of LCI Industries common stock.Halper Sadeh encourages LCI Industries shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected] investigati.

ELKHART, Ind.--(BUSINESS WIRE)--Patrick Industries (NASDAQ: PATK) (“Patrick”) and LCI Industries (NYSE: LCII) (“LCI” or “Lippert”) today announced they have entered into a definitive agreement to combine in an all-stock merger, forming a premier component solutions provider for the outdoor enthusiast, housing and transportation markets. Under the agreement, which the Boards of Directors of both companies unanimously approved, LCI shareholders will receive 1.2440 shares of Patrick common stock for each share of LCI common stock they own.

Following completion of the transaction, Patrick shareholders will own approximately 52% of the combined company and LCI shareholders will own approximately 48%.

This strategic combination brings together two companies with complementary product portfolios and longstanding partnerships with customers and stakeholders across North America and Europe. Together, Patrick and Lippert will create a more dynamic, innovative, solutions-oriented platform serving a diverse range of OEMs and consumers in the outdoor enthusiast, housing, transportation and other markets, through a broader portfolio of brands, more efficient operations, enhanced R&D investment and commercialization capabilities. By bringing together Patrick’s integrated design-to-delivery capabilities and Lippert’s expertise in highly engineered, structural OEM and aftermarket components, the combined organization will deliver differentiated, cost-effective competitive solutions aimed at improving affordability, strengthening value chain alignment and delivering outstanding customer service while supporting long-term organic and strategic growth and disciplined capital allocation.

As a result, the combined company will be well positioned to enhance value for the shareholders of each company through bolstered financial performance, reduced costs, and a continued focus on execution, all while providing outdoor enthusiasts with impressive new solutions and an enhanced array of competitively priced products.

“Today marks the beginning of an exciting new chapter in the evolution of our two companies as we continue on our journey to positively impact and deliver value for our customers, our team members, shareholders, and the communities we serve,” said Andy Nemeth, CEO of Patrick. “We have long respected the Lippert team and their impressive, innovative capabilities across the solutions they deliver and are thrilled to reach this milestone. We have two highly successful, well-established organizations with long track records of strategic and organic growth, innovation, and customer service, supported by incredible talent across each enterprise, deep expertise, and a shared commitment to excellence. Together, we will create a premier partnership-oriented platform for the global outdoor enthusiast ecosystem, housing and transportation markets that is more resilient, and better positioned to serve all of our customers – from OEMs to the end consumer. We remain dedicated to our culture and values focused on humility and trust, the reinvestment in our vision, business, and strategy with the goal of delivering an even brighter future for the stakeholders we serve.”

Johnny Sirpilla, Interim Chief Executive Officer of Lippert, added, “This combination represents a defining moment for Lippert. Our shareholders will benefit from ownership in a more diversified company with the financial and operational strength to grow revenues and deliver outstanding value to shareholders and other stakeholders. As two complementary businesses with strong legacies deeply rooted in Elkhart and our other local communities, we understand the potential and positive impact this combination can deliver. Together, we can offer a broader, more innovative, competitive, and affordable portfolio of products and product solutions, as we work with our partners and customers in key segments to drive greater value for end consumers. We will also continue to invest in our growth and combined capabilities, creating new opportunities for team members and charting an exciting new future for the combined company.”

Clear Strategic Rationale

Creates a Premier Component Solutions Provider for the Outdoor Recreation, Housing and Transportation Markets: The combination creates a leading provider across recreational vehicle, marine, powersports, truck and adventure / off-road, transportation, automotive and housing markets. With enhanced resources, the combined company’s solutions-based offerings will enable OEMs to better address affordability for end consumers. Improved diversification across end markets and expanded capabilities position the combined company for greater stability and durable growth across industry cycles. Highly Complementary Portfolios Strengthen Ability to Serve Customers and Enhance the End User Experience: Patrick and Lippert offer strategically adjacent product capabilities, creating a diversified portfolio across interior, exterior, structural and mechanical systems. The combined company will remain a trusted partner to OEM and aftermarket customers, with expanded R&D, broader capabilities, and accelerated speed-to-market, enhancing innovation and the overall end-user experience. Expands Aftermarket Channel Access and Distribution Networks: Lippert’s established brands, distribution infrastructure and channel access meaningfully advance Patrick’s strategic priority to expand its aftermarket presence. This expansion further enhances revenue growth, helping offset OEM production cyclicality, and improves the margin profile of the combined company. Strengthens Long-Term Commitment to Local Communities: Patrick and Lippert share a commitment to supporting the communities where their team members live, work, and enjoy the outdoors. Together, they will further develop their strong community partnerships to inspire and support the next generation of outdoor enthusiasts. Compelling Financial Benefits for Patrick and Lippert Shareholders

Delivers a Resilient Financial Profile with Strong Cash Flow Generation: On a pro forma basis, the combined company’s trailing twelve months results as of March 2026 would be approximately $8.1 billion of revenue, adjusted EBITDA of $1.0 billion inclusive of synergies, and free cash flow of $508 million inclusive of synergies. Drives Meaningful, Achievable Cost Synergies: The transaction is expected to deliver over $150 million of run-rate cost synergies achieved within three years of closing. These synergies are identified and actionable, arising primarily from procurement, SG&A efficiencies, engineering best practices, and improved supply chain management. Provides Balance Sheet Flexibility: The combined company will have a strong balance sheet with expected pro forma net leverage of 2.1x and the liquidity and flexibility to support continued investment in growth and capital returns. The combined company’s capital allocation strategy will focus on reinvesting operating cash flows in the business within a disciplined net leverage target of 2.25x to 2.5x, with priorities including strategic growth and automation-oriented capital expenditures while returning cash to shareholders through share repurchases and a balanced dividend policy. Leadership, Governance and Headquarters

Upon closing, Patrick Industries CEO Andy Nemeth will serve as CEO of the combined company.

The Board of Directors of the combined company will consist of 12 directors, with six designated by Patrick and six designated by Lippert. Patrick Director Todd Cleveland will serve as Chair of the Board and Lippert Interim CEO and Director Johnny Sirpilla will serve as Vice Chair of the Board.

The combined company will employ a collaborative approach to identify executive management and other leaders for key business units.

Following the closing of the transaction, the combined company will be headquartered in Elkhart, Indiana.

Timing and Approvals

The transaction is expected to close in the first half of 2027, subject to approval by shareholders of both companies, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

Advisors

J.P. Morgan Securities LLC is serving as lead financial advisor and Baird is serving as co-lead financial advisor to Patrick Industries and McDermott Will & Schulte LLP is serving as legal advisor. Perella Weinberg Partners LP is serving as financial advisor to LCI Industries and Kirkland & Ellis LLP is serving as legal advisor. FGS Global is serving as strategic communications advisor to LCI Industries.

Conference Call, Webcast and Presentation

Patrick and Lippert will host a conference call and webcast today at 8:30 a.m. Eastern time to discuss the transaction. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (877) 407-9036. The webcast and accompanying slides can be accessed on both companies’ investor relations websites. A replay of the conference call will be available on both companies’ investor relations websites following the call. A dedicated website with more information about the transaction is available at PatrickandLippertTogether.com.

About Patrick Industries

Patrick (NASDAQ: PATK) is a leading component solutions provider serving original equipment manufacturers and aftermarket customers in the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Important Information About the Proposed Transaction and Where to Find it

In connection with the proposed transaction between LCI Industries (“LCI”) and Patrick Industries (“Patrick”), LCI and Patrick intend to file relevant materials with the Securities and Exchange Commission (the “SEC”), including, among other filings, a Patrick registration statement on Form S-4 that will include a joint proxy statement of LCI and Patrick that also constitutes a prospectus of Patrick with respect to shares of Patrick’s common stock to be issued in the proposed transaction, and a definitive joint proxy statement/prospectus, which will be mailed to stockholders of LCI and Patrick (the “Joint Proxy Statement/Prospectus”). LCI and Patrick may also file other documents with the SEC regarding the proposed transaction. This press release is not a substitute for the Joint Proxy Statement/Prospectus or any other document which LCI and Patrick may file with the SEC. INVESTORS AND SECURITY HOLDERS OF LCI AND PATRICK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by LCI and Patrick through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by LCI will be available free of charge on LCI’s website at lippert.com under the tab “Investors” and under the heading “Financials” and subheading “SEC Filings.” Copies of the documents filed with the SEC by Patrick will be available free of charge on Patrick’s website at patrickind.com under the tab “Investors” and under the heading “SEC Filings.”

Certain Information Regarding Participants

LCI, Patrick and their respective directors and executive officers may be considered participants in the solicitation of proxies from the stockholders of each of LCI and Patrick in connection with the proposed transaction. Information about the directors and executive officers of LCI and their ownership of LCI common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026 (the “LCI 2025 10-K”) and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 27, 2026. Information about the directors and executive officers of Patrick and their ownership of Patrick common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026 (the “Patrick 2025 10-K”) and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 30, 2026. To the extent holdings of LCI’s or Patrick’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC on: (1) March 31, 2026, March 31, 2026, April 1, 2026, April 20, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 13, 2026, May 14, 2026, June 5, 2026, June 5, 2026, June 5, 2026 and June 5, 2026, with respect to directors and executive officers of LCI, (2) May 6, 2026, May 6, 2026, May 6, 2026, May 6, 2026, May 6, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 18, 2026, May 21, 2026, May 28, 2026, June 11, 2026 and June 24, 2026, with respect to directors and executive officers of Patrick and (3) other filings made from time to time with the SEC. Information about the directors and executive officers of LCI and Patrick, including a description of their direct or indirect interests, by security holdings or otherwise, and other information regarding the potential participants in the proxy solicitations, which may be different than those of LCI’s stockholders and Patrick’s stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from LCI’s or Patrick’s website as described above.

No Offer or Solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Special Note Regarding Forward-Looking Statements

Information in this press release, other than statements of historical facts, may constitute forward-looking statements, for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties. These statements include, but are not limited to, statements about the benefits of the proposed transaction between LCI and Patrick, including future financial and operating results (including the anticipated impact of the transaction on LCI’s and Patrick’s respective earnings), statements related to the expected timing of the completion of the transaction, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “targets,” “scheduled,” “plans,” “intends,” “goal,” “anticipates,” “expects,” “believes,” “forecasts,” “outlook,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology, but not all forward-looking statements include such identifying terminology.

All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of LCI or Patrick to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk that the cost savings and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to each party’s business as a result of the announcement and pendency of the transaction, (3) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate as a result of unexpected factors or events, (4) the failure to obtain the necessary approvals by the stockholders of LCI or Patrick, (5) the ability by each of LCI and Patrick to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (6) reputational risk and the reaction of each party’s customers, suppliers, employees or other business partners to the transaction, (7) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (8) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (9) risks related to management and oversight of the expanded business and operations of the combined company due to the increased size and complexity, (10) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the transaction or the size, scope and complexity of the combined company’s business operations, (11) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against LCI, Patrick or the combined company before or after the transaction, and (12) general competitive, economic, political and market conditions and other factors that may affect future results of LCI and Patrick. Additional factors which could affect future results of LCI and Patrick can be found in the LCI 2025 10-K, under the captions “Special Note Regarding Forward-Looking Statements” and “Risk Factors” and LCI’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and the Patrick 2025 10-K, under the captions “Information Concerning Forward-Looking Statements” and “Risk Factors” and Patrick’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. LCI and Patrick disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported first quarter 2026 results.

“I am so pleased with our team's performance across the business helping get us off to a very strong start despite very challenging retail and wholesale environments in the leisure markets we serve. Our focus for the last year, in addition to innovation and growth, has been on plant optimizations, G&A restructuring, and other self-help initiatives driving us toward stronger financial health no matter how tough the environment. As a result, we were able to generate meaningful earnings growth,” said Jason Lippert, President and Chief Executive Officer. “This strong performance and the growth we achieved during a muted quarter for industry output further validates the success of our targeted investments in operational excellence and diversification. Our team's emphasis on footprint and cost structure optimization efforts has amplified these results, enhancing the long-term earnings power of our platform. Looking ahead, regardless of the macro environment, our key performance drivers include rapid content-per-unit expansion through innovation, a dedicated focus on growing the aftermarket business that is positioned to service nearly every RV on the road, and accelerating traction across OEM markets. The updated outlook shared today reflects our confidence in broadening our ability to serve our customers and our team’s consistent execution in driving long-term shareholder value.”

First Quarter 2026 Results

Consolidated net sales increased 4.3% to $1.1 billion in the first quarter of 2026, up from $1.0 billion in the same period of 2025. The $44.9 million increase was primarily driven by a $29.3 million increase in the OEM Segment, reflecting sales price increases to cover higher material costs, sales from acquired businesses during the year ($46.8 million in the first quarter), and an increase in North American RV sales driven by recent innovations and a higher mix of premium fifth-wheel units, partially offset by a decrease in North American travel trailer and fifth-wheel shipments.

Net income was up 27% to $62.9 million, or $2.53 per diluted share, compared to $49.4 million, or $1.94 per diluted share, in the first quarter of 2025. Adjusted net income increased to $62.9 million, or $2.59 per adjusted diluted share, compared to $55.6 million, or $2.19 per adjusted diluted share. Adjusted EBITDA increased 13% to $125.0 million, compared to $110.9 million in the first quarter of 2025. Operating profit margin increased to 8.7% in the first quarter of 2026 compared to 7.8% in the same period of 2025. Year-over-year margin expansion was driven primarily by reduced costs resulting from our materials sourcing strategies and the benefits of other cost improvement actions, such as footprint optimizations.

*Additional information regarding adjusted net income, adjusted diluted EPS, and adjusted EBITDA used throughout this release, as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure of net income, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.

OEM Segment - First Quarter Performance

OEM net sales increased $29.3 million, or 4%, to $852.8 million for the first quarter of 2026, compared to the same period of 2025. RV OEM net sales decreased 4% to $509.8 million, primarily due to a decrease in North American travel trailer and fifth-wheel shipments, partially offset by sales price increases to cover higher material costs, an increase in RV sales mix toward higher content fifth-wheel units, an increase in North American motorhome RV unit shipments, and recent innovations. Adjacent Industries OEM net sales increased 17% year-over-year to $343.0 million, primarily driven by sales from acquired businesses and higher sales to North American marine OEMs.

Operating profit of the OEM Segment was $76.5 million in the first quarter of 2026, or 9.0% of net sales, compared to $62.0 million, or 7.5% of net sales, in the same period in 2025. The operating profit margin expansion was primarily driven by increases in selling prices to cover increased material costs, and cost improvement actions such as footprint optimizations and material sourcing strategies. These gains were partially offset by higher material costs related to tariffs and increased steel and aluminum costs.

Aftermarket Segment - First Quarter Performance

Aftermarket net sales increased 7% to $237.7 million for the first quarter of 2026, compared to the same period of 2025. The increase was primarily driven by sales price increases to cover higher material costs and sales from acquired businesses, partially offset by volume decreases in the automotive and marine aftermarkets. Operating profit of the Aftermarket Segment was $18.7 million, or 7.8% of net sales, compared to $19.3 million, or 8.7% of net sales, in the same period of 2025. The operating profit margin decrease was primarily driven by higher material costs related to tariffs and increased steel costs, and investments in capacity and distribution. These pressures were partially offset by increases in selling prices to cover increased material costs, reduced costs as a result of materials sourcing strategies, and a favorable shift in sales mix.

Income Taxes

The Company's effective tax rate was 26.2% for the quarter ended March 31, 2026, compared to 26.5% for the quarter ended March 31, 2025. The improvement in the effective tax rate for the first quarter 2026 compared to 2025 was primarily due to the recognition of excess tax benefits on stock-based compensation.

Balance Sheet and Other Items

At March 31, 2026, the Company's cash and cash equivalents balance was $142.2 million, relative to $222.6 million at December 31, 2025. The Company used $27.9 million for dividend payments to shareholders and $9.7 million for capital expenditures in the three months ended March 31, 2026.

The Company's outstanding long-term indebtedness, including current maturities, was $945.0 million at March 31, 2026. As of March 31, 2026, the Company had $595.2 million of borrowing availability under its revolving credit facility.

Outlook

Based on current market and economic conditions along with existing tariffs, the Company expects the following:

April 2026 net sales of approximately $374 million, down 4% from prior year 2026 North American RV wholesale shipments of 315,000 to 330,000, lowering from the previous range of 335,000 to 350,000 2026 revenue of $4.2 billion to $4.3 billion 2026 operating profit margin of 7.5% to 8.0% 2026 adjusted EPS of $8.75 to $9.25, raising the lower end of previous range from $8.25 and reaffirming the upper end Conference Call & Webcast

LCI Industries will host a conference call to discuss its first quarter results on Tuesday, May 5, 2026, at 8:30 a.m. Eastern time. An online, real-time webcast, as well as a supplemental earnings presentation, will be available on the Company's website, investors.lci1.com. The conference call and webcast can also be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required access code 894063. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call.

A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for those outside the U.S. and referencing access code 565652. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to the Company's 2026 outlook and related assumptions, production levels, future financial results and business prospects, net sales, expenses and income (loss), operating margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand and shipments, run rates, integration of acquisitions, planned divestitures and facility consolidations, optimization of facilities and infrastructure, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

LCI INDUSTRIES

OPERATING RESULTS

(unaudited)

  Three Months Ended

March 31,

Last Twelve

2026

2025

Months

(In thousands, except per share amounts)

Net sales

$

1,090,517

$

1,045,590

$

4,166,944

Cost of sales

816,852

793,841

3,164,733

Gross profit

273,665

251,749

1,002,211

Warehouse and transportation

55,882

49,855

211,087

Selling, general and administrative expenses

122,624

120,577

497,360

Operating profit

95,159

81,317

293,764

Interest expense, net

9,913

5,991

39,632

Loss on extinguishment of debt

—

8,053

806

Gain on sale of real estate

—

—

(19,716

)

Income before income taxes

85,246

67,273

273,042

Provision for income taxes

22,299

17,835

71,283

Net income

$

62,947

$

49,438

$

201,759

Net income per common share:

Basic

$

2.60

$

1.94

$

8.23

Diluted

$

2.53

$

1.94

$

8.20

Weighted average common shares outstanding:

Basic

24,243

25,426

24,519

Diluted

24,913

25,426

24,593

Depreciation

$

16,350

$

16,663

$

66,742

Amortization

$

13,448

$

12,879

$

54,745

Capital expenditures

$

9,668

$

9,038

$

53,274

LCI INDUSTRIES

SEGMENT RESULTS

(unaudited)

  Three Months Ended

March 31,

Last Twelve

2026

2025

Months

(In thousands)

Net sales:

OEM Segment:

RV OEMs:

Travel trailers and fifth-wheels

$

442,006

$

471,194

$

1,679,048

Motorhomes

67,838

59,608

244,206

Adjacent Industries OEMs

342,970

292,753

1,295,658

Total OEM Segment net sales

852,814

823,555

3,218,912

Aftermarket Segment:

Total Aftermarket Segment net sales

237,703

222,035

948,032

Total net sales

$

1,090,517

$

1,045,590

$

4,166,944

Operating profit:

OEM Segment

$

76,504

$

61,973

$

198,651

Aftermarket Segment

18,655

19,344

95,113

Total operating profit

$

95,159

$

81,317

$

293,764

Depreciation and amortization:

OEM Segment depreciation

$

11,258

$

12,327

$

47,262

Aftermarket Segment depreciation

5,092

4,336

19,480

Total depreciation

$

16,350

$

16,663

$

66,742

OEM Segment amortization

$

9,411

$

9,114

$

38,961

Aftermarket Segment amortization

4,037

3,765

15,784

Total amortization

$

13,448

$

12,879

$

54,745

LCI INDUSTRIES

BALANCE SHEET INFORMATION

(unaudited)

  March 31,

December 31,

2026

2025

(In thousands)

ASSETS

Current assets

Cash and cash equivalents

$

142,237

$

222,615

Accounts receivable, net

376,112

243,425

Inventories, net

834,453

809,094

Prepaid expenses and other current assets

67,089

74,552

Total current assets

1,419,891

1,349,686

Fixed assets, net

419,363

428,031

Goodwill

619,548

622,183

Other intangible assets, net

386,486

402,568

Operating lease right-of-use assets

272,422

272,995

Other long-term assets

99,086

100,524

Total assets

$

3,216,796

$

3,175,987

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Current maturities of long-term indebtedness

$

3,666

$

3,683

Accounts payable, trade

211,530

202,257

Current portion of operating lease obligations

44,983

44,174

Accrued expenses and other current liabilities

227,799

223,253

Total current liabilities

487,978

473,367

Long-term indebtedness

941,339

941,502

Operating lease obligations

245,358

246,047

Deferred taxes

27,699

27,495

Other long-term liabilities

127,207

126,743

Total liabilities

1,829,581

1,815,154

Total stockholders' equity

1,387,215

1,360,833

Total liabilities and stockholders' equity

$

3,216,796

$

3,175,987

LCI INDUSTRIES

SUMMARY OF CASH FLOWS

(unaudited)

  Three Months Ended

March 31,

2026

2025

(In thousands)

Cash flows from operating activities:

Net income

$

62,947

$

49,438

Adjustments to reconcile net income to cash flows (used in) provided by operating activities:

Depreciation and amortization

29,798

29,542

Stock-based compensation expense

5,300

4,933

Loss on extinguishment of debt

—

8,053

Other non-cash items

3,502

2,181

Changes in assets and liabilities, net of acquisitions of businesses:

Accounts receivable, net

(134,457

)

(149,644

)

Inventories, net

(27,282

)

39,121

Prepaid expenses and other assets

8,093

5,800

Accounts payable, trade

11,327

30,005

Accrued expenses and other liabilities

7,313

23,289

Net cash flows (used in) provided by operating activities

(33,459

)

42,718

Cash flows from investing activities:

Capital expenditures

(9,668

)

(9,038

)

Acquisition of businesses

—

(29,579

)

Other investing activities

69

(3,423

)

Net cash flows used in investing activities

(9,599

)

(42,040

)

Cash flows from financing activities:

Vesting of stock-based awards, net of shares tendered for payment of taxes

(6,625

)

(4,813

)

Repayments under revolving credit facility

—

(19,261

)

Proceeds from term loan borrowings

—

391,000

Repayments under term loan and other borrowings

(998

)

(280,093

)

Proceeds from issuance of convertible notes

—

448,500

Repurchase of convertible notes

—

(368,920

)

Purchases of convertible note hedge contracts

—

(67,574

)

Proceeds from issuance of warrants concurrent with note hedge contracts

—

27,600

Partial unwind of convertible note hedge and warrants

—

1,378

Payment of debt issuance costs

—

(3,122

)

Payment of dividends

(27,927

)

(29,352

)

Repurchases of common stock

—

(28,255

)

Other financing activities

—

(217

)

Net cash flows (used in) provided by financing activities

(35,550

)

66,871

Effect of exchange rate changes on cash and cash equivalents

(1,770

)

(2,062

)

Net (decrease) increase in cash and cash equivalents

(80,378

)

65,487

Cash and cash equivalents at beginning of period

222,615

165,756

Cash and cash equivalents at end of period

$

142,237

$

231,243

LCI INDUSTRIES

SUPPLEMENTARY INFORMATION

(unaudited)

  Three Months Ended

March 31,

Last Twelve

2026

2025

Months

Industry Data(1) (in thousands of units):

Industry Wholesale Production:

Travel trailer and fifth-wheel RVs

73.4

86.4

285.2

Motorhome RVs

10.7

9.3

37.4

Industry Retail Sales:

Travel trailer and fifth-wheel RVs

52.2

62.7

307.6

Impact on dealer inventories

21.2

23.7

(22.4

)

Motorhome RVs

6.8

9.0

37.6

Twelve Months Ended

March 31,

2026

2025

Lippert Content Per Industry Unit Produced:

Travel trailer and fifth-wheel RV

$

5,826

$

5,164

Motorhome RV

$

3,970

$

3,750

March 31,

December 31,

2026

2025

2025

Balance Sheet Data (debt availability in millions):

Remaining availability under the revolving credit facility (2)

$

595.2

$

595.3

$

595.2

Days sales in accounts receivable, based on last twelve months

29.7

29.2

29.7

Inventory turns, based on last twelve months

4.1

4.1

4.2

2026

Estimated Full Year Data:

Revenue

$4.2 - $4.3 billion

Operating profit margin

7.5% - 8.0%

Adjusted diluted EPS

$8.75 - $9.25

Capital expenditures

$55 - $75 million

Depreciation and amortization

$115 - $125 million

Stock-based compensation expense

$24 - $27 million

Annual tax rate

25% - 27%

LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)

The following table reconciles net income to Adjusted EBITDA and net income as a percentage of net sales to Adjusted EBITDA as a percentage of net sales.

Three Months Ended March 31,

2026

2025

(In thousands)

Net income

$

62,947

$

49,438

Interest expense, net

9,913

5,991

Provision for income taxes

22,299

17,835

Depreciation expense

16,350

16,663

Amortization expense

13,448

12,879

EBITDA

$

124,957

$

102,806

Loss on extinguishment of debt

—

8,053

Adjusted EBITDA

$

124,957

$

110,859

Net sales

$

1,090,517

$

1,045,590

Net income as a percentage of net sales

5.8

%

4.7

%

Adjusted EBITDA as a percentage of net sales

11.5

%

10.6

%

The following table reconciles net income to adjusted net income and net income per diluted share to adjusted net income per adjusted diluted share ("Adjusted EPS").

Three Months Ended March 31,

2026

2025

(In thousands, except per share amounts)

Net income

$

62,947

$

49,438

Loss on extinguishment of debt

—

8,053

Tax effect of adjustment

—

(1,930

)

Adjusted net income

$

62,947

$

55,561

Weighted average common shares outstanding - diluted

24,913

25,426

Dilutive effect of 2030 Convertible Notes (1)

(580

)

—

Weighted average common shares outstanding - adjusted diluted

24,333

25,426

Net income per common share - diluted

$

2.53

$

1.94

Loss on extinguishment of debt

—

0.32

Tax effect of adjustment

—

(0.07

)

Dilutive effect of 2030 Convertible Notes (1)

0.06

—

Adjusted net income per common share - adjusted diluted (Adjusted EPS)

$

2.59

$

2.19

In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of Adjusted EBITDA, Adjusted EBITDA as a percentage of net sales, adjusted net income, and Adjusted EPS to illustrate and improve comparability of its results from period to period. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, amortization expense, and loss on extinguishment of debt, as applicable, during the three month periods ended March 31, 2026 and 2025. Adjusted net income is defined as net income adjusted for loss on extinguishment of debt and the related tax effect, as applicable, during the three month periods ended March 31, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - adjusted diluted, which includes an adjustment for the dilutive effect of the 2030 Convertible Notes under the if-converted method for the three month period ended March 31, 2026. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

Further, the Company has provided its outlook for full-year 2026 Adjusted EPS in this release. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. The financial impact of such items is uncertain and is dependent on various factors, including timing, and could be material to the Company's consolidated statements of income.

LCI (LCII - Free Report) reported $1.09 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 4.3%. EPS of $2.59 for the same period compares to $2.19 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.09 billion, representing a surprise of +0.42%. The company delivered an EPS surprise of +16.93%, with the consensus EPS estimate being $2.22.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how LCI performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net sales- Total OEM Segment: $852.81 million compared to the $853.83 million average estimate based on three analysts.Net sales- Total Aftermarket Segment: $237.7 million versus $231.63 million estimated by three analysts on average.Net sales- Total OEM Segment- Adjacent Industries OEMs: $342.97 million versus the three-analyst average estimate of $318.57 million.Net sales- Total OEM Segment-Travel Trailer and Fifth-Wheels: $442.01 million versus the two-analyst average estimate of $464.35 million.Net sales- Total OEM Segment- Motorhomes [$M]: $67.84 million versus the two-analyst average estimate of $63.5 million.Operating profit- Aftermarket Segment: $18.66 million versus $20.75 million estimated by two analysts on average.Operating profit- OEM Segment: $76.5 million versus the two-analyst average estimate of $62.9 million.View all Key Company Metrics for LCI here>>>

Shares of LCI have returned -12.8% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

LCI Industries continues to outperform in a challenged RV market, driven by innovation and increased content per vehicle. Q1 2026 results exceeded analyst expectations, with revenue at $1.09B and EPS at $2.53, despite lowered industry shipment guidance. Acquisitions in adjacent markets and aftermarket expansion are supporting revenue growth and diversification beyond core RVs.

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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today announced that its Board of Directors approved a regular quarterly cash dividend of $1.15 per share of common stock.

The dividend is payable on June 12, 2026, to stockholders of record at the close of business on May 29, 2026.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

-

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today announced its participation in the Stifel Boston Cross Sector 1x1 Conference on June 2, 2026. Chief Financial Officer Lillian Etzkorn will host investor meetings throughout the day.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

More News From LCI Industries

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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today announced that Jason Lippert has announced his retirement and has stepped down as the Company’s President and Chief Executive Officer and as a member of the Board of Directors after 32 years in the business. The Board of Directors has appointed Independent Director Johnny Sirpilla to serve as interim Chief Executive Officer, effective immediately. Jason Lippert has agreed to serve in an advisory capacity for a period of one year to support the transition. The Board will conduct a search for a permanent CEO and expects to consider both internal and external candidates.

Separately, as part of its long-term succession planning, the Board of Directors has named Virginia “Ginnie” Henkels as Chair of the Board, succeeding Tracy Graham, who stepped down from the Board of Directors after 10 years of service to dedicate his time to his core business.

The Board of Directors issued the following statement: “LCI Industries is a tremendous company with a bright future ahead, and we are committed to identifying a leader with the operational know-how and perspectives who can build on LCI Industries’ strong foundation to drive the Company’s next phase of profitable growth. With the excellent management team we have in place, the Board is confident that LCI Industries is well-positioned to enhance shareholder value while delivering for customers, consumers and team members. While we conduct a comprehensive search, we are pleased that Johnny Sirpilla, who has served on our Board since 2019 and brings over 35 years of executive and leadership experience in the RV and Outdoor Recreation industries, has stepped up to this interim position and will keep a steady hand on the wheel throughout this transition.”

The Board continued, “We want to thank Jason for his leadership and his deep commitment to LCI Industries over many decades. Under his leadership, LCI Industries grew from a company with $125M in annual revenue, to a company with annual revenue in excess of $4B. His contributions have helped shape this great company and will be important drivers of our future growth.”

“On behalf of the entire Board, I want to thank Tracy for his hard work and dedication over the last decade and for everything he has done for LCI Industries during that time,” said Virginia "Ginnie" Henkels, Chair of the Board. “Over the past several months, Tracy and the Board have been discussing Chairman succession planning, and we mutually agree that this is the appropriate time for this transition. I am honored to take on the Chair role at this important moment for LCI Industries.”

“I am committed to keeping the full focus of this organization on the strong execution of our strategy to serve customers and consumers and deliver compelling shareholder value,” said Johnny Sirpilla, interim Chief Executive Officer. “LCI Industries has a resilient business model, deep customer relationships and a team that has proven it can perform through challenging environments. I look forward to continuing to work with the Board and the leadership team as we move forward.”

“It has been the privilege of my career to lead this company and the extraordinary people who make it what it is," said Jason Lippert. "The Lippert family has been and will continue to be an important part of LCI Industries’ story and a supporter of its continued success. LCI Industries is a stronger business today than when I took the helm, and I am proud of what we have built together. At this important moment in the Company’s journey, this is the right time for this change, and I look forward to working with – and cheering on – our team members and leaders as they take LCI Industries into its next chapter.”

“Ten years ago, I joined this Board committed to helping build something durable, and I believe we have done that,” said Tracy Graham. “In early 2026, I began discussing my succession planning with the Board, and given the announced CEO transition and the commencement of a search for a permanent CEO, I believe now is the right time for this transition. I have the utmost confidence in Ginnie, Johnny, and the team to carry LCI Industries forward and take it to new heights.”

About Johnny Sirpilla

Johnny Sirpilla has been a member of the LCI Industries Board of Directors since 2019 and has over 35 years of executive and leadership experience in the RV and Outdoor Recreation industries, amongst others, and maintains strong relationships with customers and key stakeholders in the industry. Mr. Sirpilla began his career as an independent RV dealer before the business was acquired by Camping World, where he joined the Senior Executive Team. He subsequently served as President and Chief Business Development Officer of Camping World and Good Sam after serving in various executive roles in dealership operations, retail store leadership, logistics, M&A and other areas. Mr. Sirpilla is a current Board member of the Pro Football Hall of Fame and Society Brands.

About Virginia “Ginnie” Henkels

Ginnie Henkels has been a member of the LCI Industries Board of Directors since 2017 and has over 18 years of Board governance experience, and over 30 years of financial and leadership experience across a diverse portfolio of publicly-traded companies. Ms. Henkels previously served as Chief Financial Officer of Swift Transportation Company and held various financial leadership positions at Honeywell Inc. She currently serves on the Boards of Avnet Inc., Pursuit Attractions and Hospitality Inc. and privately-held Isaac Instruments.

About LCI Industries

LCI Industries (NYSE: LCII) is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities and dedication to enhancing the customer experience have established LCI Industries as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lci1.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements". Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements are based on current expectations and assumptions and are subject to a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is LCI Industries (LCII - Free Report) . LCII is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 14.19, which compares to its industry's average of 19.40. Over the past 52 weeks, LCII's Forward P/E has been as high as 19.04 and as low as 10.65, with a median of 14.77.

We should also highlight that LCII has a P/B ratio of 1.78. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 4.30. Over the past year, LCII's P/B has been as high as 2.27 and as low as 1.39, with a median of 1.86.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. LCII has a P/S ratio of 0.54. This compares to its industry's average P/S of 0.71.

These are only a few of the key metrics included in LCI Industries's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, LCII looks like an impressive value stock at the moment.