ELKHART, Ind. - LCI Industries (NYSE: NYSE:LCII), a supplier of components for OEMs in the recreation and transportation industries, announced today that its Board of Directors has declared a quarterly cash dividend of $1.05 per share. The dividend is expected to be paid on June 14, 2024, to shareholders who are on record as of May 31, 2024.
The company, through its subsidiary Lippert Components, Inc., provides a wide range of engineered products to OEMs and their respective aftermarkets. These products span across various sectors, including recreational vehicles, boats, buses, trailers, trucks, trains, manufactured homes, and modular housing. Lippert's offerings include items such as chassis, suspension systems, slide-out mechanisms, windows, doors, furniture, and electronic components, among others.
LCI Industries has established a reputation for supplying domestically and internationally, emphasizing its expansive reach in the market. The company also engages in direct sales to retail customers via the Internet, which underscores its diversified distribution channels.
The announcement comes amidst a backdrop of forward-looking statements made by the company, which involve various risks and uncertainties. These statements, which are not historical facts, relate to future financial performance, market strategies, and other operational aspects. These forward-looking statements are subject to factors that could cause actual results to differ materially from those projected.
Investors are advised that these statements are estimates based on the judgment of the company's management and are affected by numerous factors, including market conditions, raw material costs, competition, and economic trends.
The company's forward-looking statements are made in the context of risks outlined in its Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent SEC filings.
LCI Industries' announcement is based on a press release statement and provides an update for shareholders and the market on the company's dividend policy. The declaration of dividends is a common practice among publicly traded companies, signaling a return on investment for shareholders.
InvestingPro Insights
Amidst LCI Industries' commitment to shareholder returns, evidenced by its recently declared quarterly dividend, InvestingPro data and insights offer a deeper look into the company's financial health and market position.
As of the last twelve months up to Q1 2024, LCI Industries holds a market capitalization of $2.82 billion, with a Price/Earnings (P/E) ratio of 30.21. This high earnings multiple may suggest investor confidence in the company's future earnings potential or possibly a premium for the stock relative to the industry.
The company's dividend yield stands at a robust 3.7%, which is particularly noteworthy given that LCI Industries has not only maintained but also raised its dividend for 7 consecutive years. This track record is a testament to the company's stable cash flow and commitment to rewarding its shareholders. Moreover, the company's liquid assets surpass its short-term obligations, providing reassurance about its financial resilience.
On the performance front, despite a revenue decline of 16.67% over the last twelve months as of Q1 2024, LCI Industries has been profitable during this period, with a gross profit margin of 21.54%. This profitability is expected to continue, with net income projected to grow and 4 analysts having revised their earnings upwards for the upcoming period, according to InvestingPro Tips.
For investors seeking more comprehensive insights, InvestingPro offers additional tips on LCI Industries, which can be found at https://www.investing.com/pro/LCII. There are a total of 9 InvestingPro Tips available, which can provide further guidance on investment decisions. To access these tips and gain a more detailed analysis, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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