LCI Industries (NYSE:LCII) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET

Company Participants

Lillian Etzkorn - CFO
Jason Lippert - President and CEO

Conference Call Participants

Scott Stember - ROTH MKM
Fred Wightman - Wolfe Research
Daniel Moore - CJS Securities
Michael Swartz - Truist Securities
Bret Jordan - Jefferies
Alice Wycklendt - Baird
Tristan Thomas-Martin - BMO Capital Markets
Brandon Rolle - D.A. Davidson

Operator

Good morning or good afternoon, all. Welcome to the LCI Industries' Second Quarter Earnings Call. My name is Adam, and I'll be your operator today. [Operator Instructions]

I will now hand the floor to Lillian Etzkorn to begin. So Lillian, please go ahead whenever you're ready.

Lillian Etzkorn

Good morning, everyone, and welcome to the LCI Industries' second quarter 2024 conference call. I am joined on the call today with Jason Lippert, President and CEO; along with Kip Emenhiser, VP of Finance and Treasurer.

We will discuss the results for the quarter in just a moment. But first, I would like to inform you that certain statements made in today's conference call regarding LCI Industries and its operations may be considered forward-looking statements under the securities laws and involve a number of risks and uncertainties. As a result, the company cautions you that 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 are discussed in our earnings release and in our Form 10-K and in other filings with the SEC. 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.

With that, I would like to turn the call over to Jason.

Jason Lippert

Thanks, Lillian, and good morning.

I'd like to welcome everyone to our second quarter 2024 earnings call. We delivered strong results in the second quarter with meaningful year-over-year margin expansion and solid performance from our aftermarket and OEM businesses.

We believe these results highlight how our diversification strategy has structurally improved our business foundation. Total revenue was $1.1 billion in the quarter, an increase of 4% year-over-year with RV OEM growing approximately 20%.

More importantly, our EBITDA rose nearly 40% and margins expanded by over 300 basis points. We again delivered market share gains in both RV OEM and aftermarket. We also delivered solid operating cash generation totaling $439 million of operating cash flows in the last 12 months, thanks to strong P&L performance and disciplined working capital management, including $142 million year-over-year reduction in inventories.