• Magna International for the RV and outdoor leisure industries.
• The Bosch of RV and marine components.

• Chassis and Towable Components: LCI Industries manufactures axles, chassis, suspension systems, and various towing products primarily for recreational vehicles and trailers.
• Slide-Outs and Leveling Systems: The company provides engineered mechanisms for expanding RV living spaces and automatic leveling systems to ensure vehicle stability.
• Entry Doors and Windows: LCI Industries produces a range of entrance doors, cargo doors, and window solutions for recreational vehicles and other specialty applications.
• Awnings and Shade Systems: They supply manual and power awnings, along with other outdoor shade solutions for RVs and residential outdoor living.
• RV and Marine Furniture: Manufacturing includes seating, dinettes, mattresses, and other interior furnishings designed for recreational vehicles and boats.
• Electronics and Appliances: The company offers diverse electronic components, appliances, and digital systems that enhance the user experience in RVs and marine vessels.

Major Customers of LCI Industries (LCII)

LCI Industries (LCII) operates primarily on a business-to-business (B2B) model, selling a wide range of components and systems to manufacturers in the recreational vehicle (RV), marine, automotive, and other adjacent industries.

Based on their financial disclosures, the company has significant customer concentration with the following major customers:

• Thor Industries, Inc. (NYSE: THO)
• Forest River, Inc. (a subsidiary of Berkshire Hathaway Inc. NYSE: BRK.A, BRK.B)

These two companies represent a substantial portion of LCI Industries' consolidated net sales, particularly in the RV segment. LCI Industries also supplies components to numerous other manufacturers across its diversified segments, but Thor Industries and Forest River are consistently identified as their largest customers.

Jason D. Lippert, President, Chief Executive Officer, and Director

Mr. Lippert has been the Chief Executive Officer of LCI Industries since May 2013 and also serves as the Chief Executive Officer of Lippert Components. He is the grandson of Lippert Components founder Larry Lippert and joined the family company in 1994, starting as a welder. Mr. Lippert has over 30 years of experience with the company and its subsidiaries. Under his leadership, LCI Industries grew from $150 million in 2003 to $5.1 billion in 2021. He was instrumental in the company's diversification into RV components.

Lillian D. Etzkorn, Executive Vice President and Chief Financial Officer

Ms. Etzkorn was appointed Executive Vice President and Chief Financial Officer of LCI Industries, effective April 17, 2023. Before joining LCI Industries, she served as the Chief Financial Officer at Covia. Her previous experience includes serving as CFO of Shiloh Industries and CPI Card Group. Ms. Etzkorn held various senior financial leadership roles at publicly traded automotive companies such as Dana Holding Corp. and Ford Motor Co., where she began her career in finance.

Tracy D. Graham, Chairman of the Board of Directors

Mr. Graham has served as the Chairman of LCI Industries' Board of Directors since 2021 and has been on the Board since 2016. He is also the Chief Executive Officer and Managing Principal of Graham-Allen Partners, a private investment firm focused on investing in technology and technology-enabled companies. Prior to forming Graham-Allen Partners in 2009, he was Vice President of SMB Technology Services for Cincinnati Bell. Mr. Graham successfully built and sold three technology companies over a 12-year period, including GramTel USA, Inc., which was sold to Cincinnati Bell. He also founded Internet Services Management Group, leading it to become the second-largest privately held Internet service provider in the United States by acquiring and integrating 23 companies.

Andrew J. Namenye, Chief Legal Officer and Executive Vice President

Mr. Namenye has been the Chief Legal Officer and Executive Vice President of LCI Industries since 2020, also serving as the Corporate Secretary. Before joining LCI Industries, he held various positions at Thor Industries, Inc. and American Group, Inc.

One clear emerging threat for LCI Industries (LCII) is the sustained slowdown in recreational vehicle (RV) demand, driven by macroeconomic factors such as persistently high interest rates and inflation. High interest rates significantly increase the cost of financing large discretionary purchases like RVs, while inflation erodes consumer purchasing power. Industry reports, including those from the RV Industry Association (RVIA), have shown consistent year-over-year declines in wholesale RV shipments. This is not merely a cyclical downturn but signals a potentially prolonged period of reduced demand and affordability for LCII's core market, directly impacting its sales volumes and profitability, similar to how changing consumer habits challenged Blockbuster's traditional rental model.

Another emerging threat is the accelerating shift towards electrification and sustainability in the RV industry. Major RV manufacturers are increasingly developing and showcasing electric and hybrid RV concepts and investing in sustainable materials and technologies. This trend requires a fundamental redesign of vehicle architectures and component systems, including lightweighting, advanced battery integration, specialized HVAC for electric propulsion, and new power management solutions. If LCII is slow to adapt its product offerings, develop the necessary expertise, or integrate new technologies into its manufacturing processes, it risks losing market share to competitors better positioned to supply these next-generation components, akin to how Research in Motion struggled to adapt to the smartphone era.

LCI Industries (LCII) primarily manufactures and distributes a broad range of highly engineered components for original equipment manufacturers (OEMs) in the recreational vehicle (RV), marine, and adjacent transportation and housing markets, as well as serving the related aftermarket.

The addressable markets for LCI Industries' main products and services are sizable:

• Recreational Vehicle (RV) Market: The global recreational vehicle market was valued at approximately USD 56.7 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 4% between 2025 and 2034. In the United States, the RV vehicle market was valued at USD 28.5 billion. Another source states the U.S. recreational vehicle market generated revenue of USD 31.61 billion in 2022 and is expected to reach USD 83.04 billion by 2030, growing at a CAGR of 12.8% from 2023 to 2030.
• Marine Components Market (Composites): The global marine composites market size was valued at USD 5.83 billion in 2024 and is expected to reach USD 21.31 billion by 2032, exhibiting a CAGR of 7.40%. Specifically for the United States, the marine composites market size reached USD 964.3 million in 2024 and is projected to reach USD 1,438.0 million by 2033, with a CAGR of 4.31% during 2025-2033.
• Recreational Boat Parts and Accessories Market: The global market for recreational boat parts and accessories was valued at USD 16.67 billion in 2024 and is expected to expand at a CAGR of 3.47% from 2025 to 2034, reaching a total market value of USD 23.45 billion by 2034.
• Truck and Towing Aftermarket: LCI Industries identifies the truck and towing aftermarket as a combined market exceeding $7.5 billion (U.S.).

Share Repurchases

• LCI Industries' Board of Directors authorized a new $300 million stock repurchase program to be executed over the next three years, announced on May 15, 2025.
• As of September 30, 2025, the company had returned $215 million to shareholders year-to-date through dividends and share repurchases, with $128.6 million specifically for share repurchases.
• In Q3 2025, LCI Industries repurchased 634,000 shares for $63 million under its newly authorized $300 million repurchase program.

Outbound Investments

• In December 2020, LCI Industries acquired Veada Industries, Inc., a manufacturer and distributor of boat seating and marine accessories, to expand its marine seating capabilities.
• During Q2 2025, the company completed the acquisition of Freedman Seating Company, a manufacturer of transportation seating solutions, which is anticipated to add approximately $125 million in annual revenue.
• LCI Industries acquired Trans/Air Manufacturing, which contributed to strengthening its bus market presence and expanding climate control product offerings, contributing $30 million to capital expenditures in Q1 2025.

Capital Expenditures

• Capital expenditures for the full year 2025 are anticipated to be in the range of $45 million to $70 million, primarily focused on investing in the business and innovation.
• For the nine months ended September 30, 2025, LCI Industries used $38.1 million for capital expenditures.
• The company's capital expenditure strategy includes a focus on operational efficiency, infrastructure optimization, and facility consolidations, with five facility consolidations planned for 2025.