Patrick Industries Inc. reported financial results for the third quarter and nine months ended Sept. 28.
“Our team’s continued focus on customer service and partnership, innovation and new product development over the past 18 months resulted in market share gains across our portfolio,” said Andy Nemeth, chief executive officer. “Our OEM partners are looking for creative, differentiated product offerings while continuing to demonstrate production discipline with lean channel inventories. Several new innovations and concepts introduced by our Advanced Product Group are starting to take hold as we look to further gain traction as an industry leader in full component solutions.”
Net sales increased 6% to $976 million compared to $919 million in the third quarter of 2024. The growth in net sales was due to higher revenue in all four of the company’s primary end markets, driven by market-share gains and acquisitions.
Operating income was $66 million compared to $74 million in the third quarter of 2024. Operating margin decreased 130 basis points to 6.8% versus the same period a year ago due to temporary factors including inefficiencies related to model-year changeover.
Net income was $35 million, or $1.01 per diluted share, compared to $41 million, or $1.20 per diluted share in the third quarter of 2024. Diluted earnings per share in the third quarter of 2025 include approximately $0.07 of dilution from the company’s convertible notes and related warrants compared to $0.04 in the prior year period.
Jeff Rodino, president, said, “The entrepreneurial spirit, scale, and overall expertise at Patrick continue to drive our ability to create additional value for customers and stakeholders. Our strategic and disciplined approach to deploying capital toward initiatives that generate attractive long-term returns continues to show tangible benefits. We are successfully advancing our innovation pipeline through our Advanced Product Group and expanding our full-solutions model, while strengthening our OEM relationships. Simultaneously, these investments, coupled with targeted acquisitions, improve the depth and breadth of our product offerings and further enhance our growing presence in the aftermarket. This quarter, we completed the acquisition of LilliPad Marine, a designer and manufacturer of premium, innovative boat ladders, diving board systems and other marine accessories. LilliPad distributes award-winning and patented products through the OEM and aftermarket channels.”
Third Quarter 2025 Revenue by Market Sector
(compared to Third Quarter 2024 unless otherwise noted)
RV (44% of Revenue)
- Revenue of $426 million increased 7% while wholesale RV industry unit shipments decreased 2%.
- Content per wholesale RV unit (on a trailing twelve-month basis) increased 3% to $5,055 when compared to the prior year period, and increased 2% when compared to the second quarter of 2025.
Marine (15% of Revenue)
- Revenue of $150 million increased 11% while estimated wholesale powerboat industry unit shipments were flat.
- Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased 4% to $4,091 when compared to the prior year period, and increased 3% when compared to the second quarter of 2025.
Powersports (10% of Revenue)
- Revenue of $98 million increased 12% as Patrick’s attachment rates for premium utility vehicle content improved and revenue grew in its other Powersports businesses.
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