LCI Industries (LCII)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	189,338	171,469	159,362	121,645	83,004	58,582	103,982	271,655	525,455	665,163	668,855	546,767	382,044	334,436	342,564	269,138	209,481	183,993	138,761	185,235
Revenue (ttm)	US$ in thousands	3,741,204	3,775,610	3,819,428	3,779,528	3,784,809	3,841,611	4,014,376	4,535,886	5,207,146	5,526,210	5,559,440	5,117,010	4,472,700	4,042,292	3,704,711	3,136,756	2,796,166	2,577,185	2,335,677	2,438,980
Pretax margin		5.06%	4.54%	4.17%	3.22%	2.19%	1.52%	2.59%	5.99%	10.09%	12.04%	12.03%	10.69%	8.54%	8.27%	9.25%	8.58%	7.49%	7.14%	5.94%	7.59%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $189,338K ÷ $3,741,204K
= 5.06%

The pretax margin of LCI Industries has shown fluctuations over the past several quarters. The margin was relatively stable in the range of 7-9% from March 2020 to June 2021, demonstrating consistent profitability before experiencing an increase to around 10-12% from March 2022 to September 2022. However, there was then a noticeable decline in the pretax margin from March 2023 to September 2023, dropping to as low as 1.52%.

The company managed to recover slightly by December 2023 and showed further improvement in the following quarters, with the pretax margin increasing to around 5-6% by the end of 2024. It is worth noting that despite the fluctuations, the pretax margin generally stayed positive throughout the period under review. This indicates that LCI Industries was able to generate profit before accounting for income taxes, though the level of profitability varied. Further analysis of the factors influencing these fluctuations would be necessary to better understand the financial performance of the company.