RV Business

In the CNBC video above, Forest River CEO Doug Gaeddert speaks with Warren Buffett, Greg Abel and Becky Quick at the Berkshire Hathaway Annual Meeting about how tariffs and inflation are affecting the company’s prices.

Berkshire Hathaway’s annual meeting ended Saturday, May 3, with big news: Warren Buffett said he planned to ask the board to make Greg Abel the company’s CEO by year-end, according to a report by CNBC.

Abel, Berkshire’s vice chairman of non-insurance operations, was at Buffett’s side on stage when Buffett broke the news, and didn’t know these remarks were coming, according to “The Oracle of Omaha.”

The 94-year-old has had a six-decade run at the company, and its annual meetings draw thousands of shareholders from around the world to Omaha each year. The gathering, known as “Woodstock for Capitalists,” is a chance for Buffett to share his views on the markets, investing and life, in general.

This year, Buffett was asked about global trade policy and the tariffs that President Donald Trump has proposed as well as the market’s recent volatility.

“Trade should not be a weapon,” Buffett said. Read a full account of the day’s events below.

Click here to read the full report by CNBC.

The post Video: Forest River’s Gaeddert Meets with Warren Buffett first appeared on RVBusiness - Breaking RV Industry News.

In the CNBC video above, Forest River CEO Doug Gaeddert speaks with Warren Buffett, Greg Abel and Becky Quick at the Berkshire Hathaway Annual Meeting about how tariffs and inflation are affecting the company’s prices.

Berkshire Hathaway’s annual meeting ended Saturday, May 3, with big news: Warren Buffett said he planned to ask the board to make Greg Abel the company’s CEO by year-end, according to a report by CNBC.

Abel, Berkshire’s vice chairman of non-insurance operations, was at Buffett’s side on stage when Buffett broke the news, and didn’t know these remarks were coming, according to “The Oracle of Omaha.”

The 94-year-old has had a six-decade run at the company, and its annual meetings draw thousands of shareholders from around the world to Omaha each year. The gathering, known as “Woodstock for Capitalists,” is a chance for Buffett to share his views on the markets, investing and life, in general.

This year, Buffett was asked about global trade policy and the tariffs that President Donald Trump has proposed as well as the market’s recent volatility.

“Trade should not be a weapon,” Buffett said. Read a full account of the day’s events below.

Click here to read the full report by CNBC.

The post Video: Forest River’s Gaeddert Meets with Warren Buffett first appeared on RVBusiness - Breaking RV Industry News.

ELKHART, Ind.– LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported first quarter 2025 results.

First Quarter 2025 Highlights

• Net sales of $1 billion in the first quarter, up 8% year-over-year
• Net income of $49.4 million, which was 4.7% of net sales, or $1.94 per diluted share, in the first quarter, up 35% from the first quarter of 2024
• Net income, as adjusted for the loss on extinguishment of debt, was $55.6 million, or $2.19 per diluted share, in the first quarter, up 52% from the first quarter of 2024
• Adjusted EBITDA of $110.9 million, or 10.6% of net sales, in the first quarter, up 23% year-over-year
• Operating profit margin of 7.8% in the first quarter, up from 6.0% in the first quarter of 2024
• Cash flows from operating activities of $43 million, up $50 million from the first quarter of 2024
• Returned $57.6 million to shareholders through $28.3 million in share repurchases and a quarterly dividend of $1.15 per share, aggregating $29.4 million in the first quarter
• Refinanced long-term debt, extending most maturities, with issuance of $460 million of 3.000% convertible notes due 2030, repurchase of $368 million of 1.125% convertible notes due 2026, and refinancing of credit agreement with new $400 million term loan that matures in 2032 and $600 million revolving credit facility that matures in 2030
• Strong liquidity position with $231 million of cash and cash equivalents and $595 million of availability on revolving credit facility at March 31, 2025
• Completed the acquisition of Trans/Air, a provider of climate control systems for a wide range of buses and specialty vehicles, that has generated approximately $75 million in annual revenue in recent periods
• In April 2025, completed the acquisition of Freedman Seating, a manufacturer of transportation seating solutions to the bus and specialty vehicle markets, that has generated approximately $125 million in annual revenue in recent periods

“We delivered strong first quarter results, exceeding expectations despite ongoing macroeconomic headwinds. We continued to leverage both our innovative product portfolio and our distinct competitive advantages to capture content growth and market share across multiple product categories. This success, along with our steadfast focus on execution, effective cost management, and operational flexibility, enabled us to achieve both top and bottom line growth,” said Jason Lippert, LCI Industries’ president and chief executive officer. “Our first quarter results also demonstrated the agility of our operations, as we scaled production to support modest RV inventory rebuilding and drove 20% sales growth in our North American RV OEM business. We also recently acquired Freedman Seating and Trans/Air, deepening our position in the bus market, an adjacency shielded from consumer swings as city and transit fleet upgrades remain essential. Our ability to scale operations and presence in diverse end markets continues to support strong margin expansion, effectively driving an operating margin increase of 180 basis points.”

“This performance reinforces our confidence in the long-term potential of our approach. With an experienced leadership team that has successfully navigated a range of operating environments, we are taking proactive steps to deliver results now, not just when conditions improve,” Mr. Lippert continued. “We remain on track toward our $5 billion organic revenue goal in 2027. We are also on track to deliver an 85 basis point margin improvement in 2025 through optimizing infrastructure. As we move throughout the year, we will continue to effectively monitor, adjust, and lead through changing macroeconomic dynamics.”

“Our team’s unwavering commitment to operational excellence continues to drive LCI Industries forward, even as we navigate a complex macro environment,” commented Ryan Smith, LCI Industries’ Group President – North America. “Backed by a strong culture of innovation, quality, and service, we are executing with discipline across our operations and remain focused on delivering sustainable growth in 2025 and beyond. I wish to offer a sincere thank you for our teams who continue to perform and lead well in this tough environment!”

First Quarter 2025 Results

Consolidated net sales for the first quarter of 2025 were $1,045.6 million, an increase of 8% from 2024 first quarter net sales of $968.0 million. Net income in the first quarter of 2025 was $49.4 million, or $1.94 per diluted share, compared to $36.5 million, or $1.44 per diluted share, in the first quarter of 2024. Adjusted net income in the first quarter of 2025 was $55.6 million, or $2.19 per diluted share, excluding the loss on extinguishment of debt, net of tax effect, during the quarter, which was up 52% from net income in the first quarter of 2024. Adjusted EBITDA in the first quarter of 2025 was $110.9 million, compared to Adjusted EBITDA of $90.3 million in the first quarter of 2024. Additional information regarding adjusted net income and Adjusted EBITDA, 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.

The increase in year-over-year net sales for the first quarter of 2025 was primarily driven by a $65.2 million increase in net sales of the OEM Segment compared to the same period of 2024.

April 2025 Results

April 2025 consolidated net sales were approximately $392 million, up 3% from April 2024, primarily due to increases in Adjacent Industries OEM sales of 8% and RV OEM sales of 7%, partially offset by a decrease in international sales of 13%.

OEM Segment – First Quarter Performance

OEM net sales for the first quarter of 2025 were $823.6 million, an increase of $65.2 million compared to the same period of 2024. RV OEM net sales for the first quarter of 2025 were $530.8 million, up 15% compared to the same prior year period, primarily driven by an 18% increase in North American travel trailer and fifth-wheel wholesale shipments and market share gains, partially offset by an 11% decrease in motorhome wholesale shipments. Adjacent Industries OEM net sales for the first quarter of 2025 were $292.8 million, down 2% year-over-year, primarily due to lower sales to North American marine and powersports OEMs, partially offset by higher sales to utility trailers OEMs. The lower sales were driven by current dealer inventory levels, inflation, and elevated interest rates impacting retail consumer demand.

Operating profit of the OEM Segment was $62.0 million in the first quarter of 2025, or 7.5% of net sales, compared to an operating profit of $32.8 million, or 4.3% of net sales, in the same period in 2024. The operating profit expansion of the OEM Segment for the quarter was primarily driven by the impact of fixed production overhead and SG&A costs spread over increased sales, decreases in material costs, and increases in production labor efficiencies, partially offset by decreases in selling prices.

Aftermarket Segment – First Quarter Performance

Aftermarket net sales for the first quarter of 2025 were $222.0 million, an increase of 6% compared to the same period of 2024. The increase was primarily driven by higher volumes within the RV and marine aftermarkets and market share gains in the automotive aftermarket. Operating profit of the Aftermarket Segment was $19.3 million in the first quarter of 2025, a decrease of $5.4 million compared to the same period of 2024. The operating profit margin of the Aftermarket Segment was 8.7% in the first quarter of 2025, compared to 11.8% in the same period in 2024, and was negatively impacted by increases in sales mix of lower margin products, decreases in automotive aftermarket production volume, and investments in capacity and distribution processes to support growth of the aftermarket segment.

“Our aftermarket business delivered strong results to start 2025, fueled by the success of recent innovations and the growing number of vehicles entering the repair and replacement cycle,” commented Jamie Schnur, LCI Industries’ Group President – Aftermarket. “Our long-term demand potential continues to expand as LCI Industries increases content on RVs, which increases the amount of components that will ultimately enter the repair and replacement cycle and require our support. To ensure we capitalize on this demand and other emerging opportunities, we remain focused on investing in dealer training programs and delivering exceptional service to strengthen our network relationships and enhance the customer experience.”

Income Taxes

The Company’s effective tax rate was 26.5% for the quarter ended March 31, 2025, compared to 24.3% for the quarter ended March 31, 2024. The increase in the effective tax rate was primarily due to discrete tax expense related to tax deficiencies on stock-based compensation and a decrease in cash surrender value of company owned life insurance policies.

Balance Sheet and Other Items

At March 31, 2025, the Company’s cash and cash equivalents balance was $231.2 million, compared to $165.8 million at December 31, 2024. The Company used $29.6 million for an acquisition, $29.4 million for dividend payments to shareholders, $28.3 million for share repurchases, and $9.0 million for capital expenditures in the three months ended March 31, 2025.

On March 14, 2025, the Company closed the sale of $460.0 million aggregate principal amount of 3.000% convertible senior notes due 2030 (“the 2030 Convertible Notes”) in a private placement to qualified institutional buyers, resulting in net proceeds to the Company of approximately $448.5 million after deducting the initial purchasers’ discounts. Concurrent with the issuance of the 2030 Convertible Notes, the Company entered into convertible note hedge transactions and warrant transactions. The proceeds from the sale of the 2030 Convertible Notes were used to repay $368.0 million face value of 1.125% convertible senior notes due 2026 (leaving $92 million of the 2026 notes outstanding), to enter into the convertible note hedge transactions for $67.6 million (which was partially offset by the proceeds from the warrant transactions of $27.6 million), to repurchase $28.3 million of common stock, and for general corporate purposes.

On March 25, 2025, the Company entered into a new credit agreement comprised of a $600.0 million revolving credit facility and a new $400.0 million term loan B. The proceeds from the term loan were used, in part, to repay the remaining outstanding principal of the term loan under the previous credit agreement of $280.0 million and the previous credit agreement was terminated.

Following the refinancing activities detailed above, long-term debt maturities previously due in 2026 are now extended to 2030 for the revolving credit facility and the 2030 Convertible Notes (other than $92 million of the 2026 notes that remain outstanding) and to 2032 for the term loan.

The Company’s outstanding long-term indebtedness, including current maturities, was $938.3 million at March 31, 2025, and the Company was in compliance with its debt covenants. As of March 31, 2025, the Company had $595.3 million of borrowing availability under the revolving credit facility.

Conference Call & Webcast

LCI Industries will host a conference call to discuss its first quarter results on Tuesday, May 6, 2025, at 8:30 a.m. Eastern time, which may 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 conference ID 255011. 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. In addition, an online, real-time webcast, as well as a supplemental earnings presentation, can be accessed on the Company’s website, www.investors.lci1.com.

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 participants outside the U.S. and referencing access code 323974. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

The post LCI Industries Q1 ’25 Shows 8% YoY Increase in Net Sales first appeared on RVBusiness - Breaking RV Industry News.

ELKHART, Ind. – THOR Industries, Inc. (NYSE: THO) today (May 5) announced a strategic partnership between two of its subsidiaries, Jayco Inc. and Tiffin Motorhomes, whereby production of Class A diesel motorhomes for the Entegra Coach brand will transition from Jayco to Tiffin at its facilities in Red Bay, Ala., at which time these motorhomes will be marketed exclusively as Tiffin products, according to a release.

Jayco will continue to produce Model Year 2026 Entegra Coach diesel Class A motorhomes through the end of the 2025 calendar year, which include Cornerstone, Anthem, Aspire, and Reatta, at its campus in Middlebury, Ind. Jayco will provide customer service, parts and warranty experience for all Jayco-built Entegra Coach products. As part of its long-term product strategy, Tiffin will begin manufacturing successor products in calendar year 2026, integrating select Entegra Coach product names and design elements into its Model Year 2027 Class A lineup. As mentioned, these motorhomes will be marketed exclusively as Tiffin products, and service and warranty for all Tiffin-built motorhomes will be handled by Tiffin.

All Entegra Coach Class C, Class B and gas Class A motorhomes will continue to be produced, serviced and warrantied by Jayco.

This move allows Jayco to expand production capacity while ensuring that Entegra customers continue to receive the superior quality and attention to detail that they expect from an Entegra Coach unit, the release continued.

“Entegra Coach has earned a strong reputation for luxury, performance, and owner loyalty,” said Ken Walters, president of Jayco. “We’re confident that the Tiffin team understands the high standards our Entegra Coach customers expect. Tiffin’s long-standing commitment to quality and integrity makes them the ideal partner for this next chapter of Entegra.”

Tiffin Motorhomes has built its legacy on high-end craftsmanship, premium materials, and customer-first design. For the team in Red Bay, manufacturing Entegra Coach Class A motorhomes is a natural extension of that commitment.

“Tiffin is known for producing some of the highest quality motorhomes in the market, and we’re honored to bring that same level of excellence to the Entegra Coach brand,” said Leigh Tiffin, president of Tiffin Motorhomes. “We have an experienced and passionate team that takes great pride in their work, and we’re excited to uphold and continue the strong reputation Entegra has built over the years.”

“As the Class A diesel market continues to evolve and become a smaller part of the overall RV marketplace, it is important for us to optimize our production capabilities across the THOR family of companies,” said Bob Martin, president and CEO of THOR Industries, Inc. “Given the overall size of the Class A diesel market, integrating Entegra Coach into Tiffin optimizes our production at Tiffin where Class A diesels comprise a greater percentage of its product offering and allows us to leverage Tiffin’s expertise in the segment.

“As we look ahead, rapidly evolving requirements for the Class A diesel segment will require focused engineering and craftsmanship that Tiffin can provide for the Entegra brand,” Martin continued. “This strategic move reflects our ongoing commitment to adaptability, quality, and the long-term success of our brands and dealer partners with an unrelenting focus on maximizing customer experience.”

About THOR Industries

THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest RVs manufacturer. For more information on the Company and its products, please visit https://www.thorindustries.com/. THOR has inspired and empowered people to connect with nature and each other nearly 45 years.

About Entegra Coach 

Headquartered in Middlebury, Indiana, Entegra Coach, a division of Jayco, Inc., manufactures and markets luxury diesel and gas motorhomes. For additional information about Entegra Coach or its products, call 1-(800)-517-9137 or visit www.entegracoach.com.

About Tiffin Motorhomes

Tiffin Motorhomes is proud to be one of the few family-operated RV manufacturers in the industry, making a significant difference in how our company operates versus our competitors. With the Tiffin name on every coach, building a superior motorhome is not just our occupation but a matter of personal pride. It has been a lifelong pursuit we are committed to perfecting. For further insights into Tiffin Motorhomes, visit www.tiffinmotorhomes.com.”

The post Entegra Coach to ‘Transition’ Class A Diesel Brands to Tiffin first appeared on RVBusiness - Breaking RV Industry News.

EDITOR’S NOTE: The following is the latest list of RV and RV-related recalls compiled by the National Highway Traffic Safety Administration (NHTSA). Per strict NHTSA protocols, manufacturers will next notify its dealer partners of the recall notice. Each notice will include details of the affected vehicles as well as the appropriate remedy.

Forest River Inc. is recalling 59 2025 Stealth and XLR fifth wheel travel trailers. The front exterior accent lamp wire may not have proper over current circuit protection. Dealers will add over current protection, free of charge. Owner notification letters are expected to be mailed by June 4, 2025. Owners may contact Forest River customer service at 1-574-642-0432. Forest River’s number for this recall is 45-1924.

The post NHTSA Releases its Most Recent Installment of RV Recalls first appeared on RVBusiness - Breaking RV Industry News.

BRYAN, Texas – Great Escapes RV Resorts Bryan College Station has been named Park of the Year by the Texas Association of Campground Owners (TACO), a prestigious recognition awarded to top-performing parks across Texas for excellence in guest service, amenities, and operations.

Known for its resort-style features and personalized service, Great Escapes Bryan College Station continues to raise the bar for family camping. Guests consistently highlight the warm, friendly service at check-in, the welcoming atmosphere, and the energetic activities team that keeps the experience exciting from start to finish. Whether families are enjoying the Wibit water obstacle course, participating in a karaoke hayride, or relaxing in a cozy cabin, the park provides a getaway that blends comfort, connection, and creativity.

“This award reflects the heart and effort our entire team puts in every single day,” said Crystal Talbert, General Manager of Great Escapes Bryan College Station. “We’re proud to be a place where families can feel welcomed the moment they arrive, and where kids can have the kind of unplugged fun they’ll talk about for years. It’s incredibly rewarding to see our staff, our activities program, and even small touches like warm greetings at the front desk recognized at this level.”

TACO evaluates parks across the state based on guest reviews, employee training, safety protocols, accreditations, and community involvement. Great Escapes Bryan College Station excelled in every category, earning top marks for its dedication to delivering memorable, high-quality camping experiences.

“Great Escapes Bryan College Station is a model of what we strive for at all of our resorts—outstanding amenities, an energized guest experience, and a team that truly cares,” said Troy Sheppard, COO of Great Escapes RV Resorts. “The Park of the Year honor from TACO is not just a win for this location, but a celebration of the kind of outdoor hospitality that makes families want to come back again and again.”

Families ready to experience an award-winning escape can learn more and book their next stay at www.GreatEscapesBCS.com.

The post Great Escapes RV Resort Named Park of the Year in Texas first appeared on RVBusiness - Breaking RV Industry News.

AUSTIN, Texas and SURFERS PARADISE, Australia – Newbook, the premier property management software provider for RV parks and campgrounds, announces the launch of its newly redesigned Newbook Online booking platform, updated to significantly increase direct bookings for RV park and campground accommodation providers by delivering a fully customizable guest experience and maximizing conversion rates across all devices.

Currently in an exclusive pilot program with select clients, the platform has already garnered significant praise amongst early adopters. Their invaluable feedback has shaped a feature-rich, user-centric platform that empowers RV park and campground managers to connect with guests like never before while increasing booking rates.

Standout features of the revolutionary booking platform include:

• Conversion Powerhouse: Leveraging cutting-edge ecommerce strategies, the platform streamlines bookings to supercharge conversion rates.
  
• Frictionless User Journey: A simplified design eliminates barriers, guiding guests effortlessly from browsing to booking in fewer steps.
  
• Mobile Mastery: With mobile users at the forefront, the platform ensures fast, seamless bookings on any device, capturing revenue opportunities 24/7.
  
• Unmatched Customization: Over 100 customizable options allow businesses to create a booking experience that perfectly aligns with their unique brand and guest expectations.
  
• Seamless Transition: Newbook’s phased rollout ensures each client receives personalized support and comprehensive training for a smooth switch to the new platform.

“This launch represents a significant leap in booking technology, designed to meet the evolving demands of tomorrow’s travelers,” said Shaun Cornelius, CEO of Newbook. “It’s a testament to our relentless commitment to innovation. Clients will see immediate value through improved booking rates and guest satisfaction. And this is just the beginning – we have a pipeline of game-changing updates on the horizon.”

Newbook clients will receive tailored communications detailing their transition timeline. They are encouraged to stay alert for crucial updates on maximizing the platform’s potential. Comprehensive support, including free 24/7 phone assistance, and robust training resources will ensure a frictionless adoption of this transformative booking system.

About Newbook

Newbook, a part of the Storable family, is an award-winning property management and online booking system for accommodation providers. Founded in 2010, the company has scaled over the past 14 years into a global market leader with three international offices and over 50,000 users. Newbook’s mission is to build high-quality products delivered with passion, so customers can create memorable experiences. For more information, visit: http://www.newbook.cloud.

The post Newbook Announces ‘Game-Changing’ Booking Platform first appeared on RVBusiness - Breaking RV Industry News.