Patrick Industries reported net sales of $900 million in the first quarter, a 33% reduction from the same quarter a year ago, as 25% growth in its marine market sales partially offset the impact of a 54% reduction in RV industry wholesale shipments in RV sales.
Net income in Q1 was down 73% to $30 million, from $113 million in the first quarter of 2022.
The CEO acknowledged the importance of the company’s marine division during difficult quarters like this one.
“Our first quarter performance continues to demonstrate the strength of our strategic diversification and the resilience of our overall business model as we generated solid first quarter profitability despite a slowing economy and a 54% reduction in RV wholesale unit shipments,” said CEO Andy Nemeth. “We continued to focus on capital allocation and growth strategies, including growing our organic market share while positioning Patrick to remain a leading component solutions provider to our customers. Our team remains dedicated to exceeding customer expectations through our expanding array of higher value products with a keen focus on quality and customer service, profitable growth and driving shareholder value.”
Added Jeff Rodino, president: “We are continuing to flex our business model in this uncertain macroeconomic and business environment with a strategic long-term focus on further solidifying our infrastructure by continuing to leverage the strength of our cash flows and make meaningful investments in automation and production efficiencies, flexible capacity and human capital. These investments will help us weather the current headwinds we face and perhaps more importantly, provide a solid foundation to grow our market share and execute on attractive acquisition opportunities as we look to be better together with our customers, team members, shareholders and communities.”
