Patrick Industries reported a profitable fourth quarter and a solid 20% increase in revenue year-over-year, despite a 47% drop in RV units shipped in 2022, compared with 2021.
The company reported net sales of $952 million in the quarter, which was a decrease of 17% from the fourth quarter of last year. Its net income in the quarter was $40 million, which was a 34% drop from a year ago.
The company’s RV business makes up 43% of its revenue, and the quarterly loss would have been steeper except for an increase in its marine and manufactured housing segments, the company said.
Patrick’s net sales for the whole year, however, finished up 20% over last year at $4.9 billion; its net income for the year was $328 million, an increase of 46%.
“We are proud of our team’s performance during the fourth quarter and full year as we navigated extremely dynamic market conditions and capitalized on our size, scale, flexibility, and resources in our efforts to service our customers at the highest level,” said Andy Nemeth, Chief Executive Officer. “Our business model served us well in 2022, as we reported record full year revenues and profits, despite the RV OEM production recalibration that began in the second half of the year. Our ongoing efforts to strategically diversify our business continue to bear fruit as our fourth quarter results help demonstrate our portfolio’s resilience and ability to mitigate declines within individual end markets.”
Added Jeff Rodino, president: “Our investments into the marine OEM market and marine aftermarket helped bolster Patrick’s results in the fourth quarter and full year. Additionally, we have continued to invest in our infrastructure and culture to support our strategic plan and solidify the company’s foundation for future growth. With new and younger buyers in the leisure lifestyle spaces and the continued limited inventory of affordable housing, we see the potential for long-term growth across our business.”
