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Yes it is possible,The answer provides one of the basic methods to do so

Connections

   Arduino1          Arduino2
     TX--------------->RX
     RX--------------->TX   

Arduino1 Sketch:

  void setup(){
  Serial.begin(9600);
  delay(2000);
 }

  void loop() {
   ////read sensor data to a variable 
   Serial.println(sensorDataVariable);
   delay(2000); //Not to flood serial port
  }

Arduino2 Sketch :

  int byteRead;
  void setup(){
  Serial.begin(9600);
  delay(2000);
 }

  void loop() {
 /**  check if data has been sent from the computer: */
 while (Serial.available()) {
 /* read the most recent byte */
    byteRead = Serial.read();     //now byteRead will have latest sensor 
                                  // data sent from Arduino1
  }
  //Write code to display the values to LCD
}

hope this helps