On Tuesday, Dec. 3, Patrick Industries Inc., a component solutions provider for the outdoor enthusiast and housing markets, visited the Nasdaq MarketSite in Times Square, and in honor of the occasion, Patrick CEO Andy Nemeth rang the Opening Bell.
See a video of the event from Nasdaq here.
Patrick had a luxury sport pontoon on a custom trailer, a Patrick-branded toy hauler RV and an upfitted UTV with a speaker roof on display in Times Square, right outside the Nasdaq Marketsite.
At 9:30 a.m., Patrick team members rang the bell at Nasdaq, officially starting trading for the day. Following the bell ringing, members of Patrick’s senior management team hosted an Investor Day presentation at the Nasdaq Marketsite. Over 70 analysts and investors attended to hear about the company’s strategic initiatives, growth opportunities and long-term financial framework.
While in New York, Nemeth appeared on several national media outlets to discuss the company’s markets and business, including Varney & Co. (Fox Business) Tuesday and Yahoo Finance Live on Wednesday.
The webcast and presentation materials will be available on the company’s website, under “For Investors.”
“It was incredible to see how far Patrick Industries has come as a leader in component solutions for the RV, marine, powersports and housing markets. The event not only highlighted the strength of our business strategy and the depth of our team’s expertise, but it also underscored the enthusiasm and commitment of our partners and investors to Patrick’s growth story,” said Anna Parker, vice president, marketing. “The Times Square Takeover was a great way to showcase our innovations and the exciting industries we serve. It’s a thrilling time for Patrick as we continue to empower enthusiasts and drive success across all our markets.”
Key Investor Presentation Points:
- Tenfold Revenue Growth Over a Decade: Patrick’s revenue has grown from $278 million in 2010 to $3.7 billion in 2024 TTM, a 21% compound annual growth rate (CAGR).
- Strategic Diversification Success: The company has diversified into four key markets — RV, marine, powersports and housing — shifting its revenue mix and expanding its presence in these segments.
- Acquisition-Led Expansion: Since 2010, Patrick has completed acquisitions representing $2.8 billion in revenue, solidifying its position as the acquirer of choice in the outdoor enthusiast and housing markets, the company said.
- Aftermarket Growth Potential: The RecPro platform is poised for growth, with expectations to double its revenues within 3-5 years.
- Strong Market Positioning: Patrick is well-positioned near its customers with a geographically aligned operational model and strong customer relationships, driving organic growth opportunities.
- Focus on Innovation: The Advanced Product Group and proprietary solutions, like composite materials for RV and marine markets, are fueling growth and market differentiation.
- Enhanced Financial Resilience: With robust free cash flow generation and an improved capital structure, Patrick has the liquidity and flexibility to pursue further strategic acquisitions and innovation.
- Total Addressable Market (TAM) Expansion: Patrick’s TAM is larger than current revenue, with opportunities for growth across all segments, including a 4x increase in marine TAM and doubling in housing TAM.
- Performance Highlights: Patrick’s gross and operating margins have steadily increased, reflecting operational execution and strategic market positioning.
- Empowering Enthusiasts Brand Strategy: Transitioning from a behind-the-scenes supplier to an empowering leader, Patrick is leveraging its network effect to elevate its brands and the outdoor enthusiast lifestyle.