Patrick Industries Inc., a leading component solutions provider for the outdoor enthusiast and housing markets, reported financial results for the second quarter and six months ended June 29.
“Our performance and results, which included net sales and adjusted EPS growth, reflect our team’s disciplined execution in what remains a very dynamic business environment,” said Andy Nemeth, chief executive officer. “We continued to focus heavily in the quarter on expanding our innovative solutions-based offerings and capabilities through our prototyping and Advanced Product Group, along with our investments in the aftermarket through RecPro. Our strong cash flows, solid balance sheet with ample liquidity and flexible operating model strategically position us to be scalable to quickly pivot and accelerate growth when the retail market inflection occurs while continuing to pursue accretive acquisitions that align with our long-term objectives.”
Net sales increased 3%, or $31 million, to $1.05 billion, compared to $1.02 billion in the second quarter of 2024. The growth in net sales was due to higher revenue in the RV and manufactured housing (MH) end markets as a result of acquisitions and share gains, which more than offset lower revenue in the marine and powersports end markets.
Operating income increased 2% to $87 million in the second quarter of 2025. Operating margin was flat at 8.3% versus the same period a year ago.
Net income decreased 32% to $32 million, or $0.96 per diluted share, compared to $48 million, or $1.44 per diluted share in the second quarter of 2024. Excluding one-time expenses related to a legal settlement, adjusted net income in the second quarter of 2025 was $51 million, or $1.50 per diluted share, compared to adjusted net income of $48 million, or $1.44 per diluted share, in the prior year period. Reported and adjusted diluted earnings per share in the second quarter of 2025 include approximately $0.03 of dilution from convertible notes and related warrants compared to $0.02 in the prior year period.
Jeff Rodino, president – RV, said, “Patrick’s diversified model continued to demonstrate its resilience in very dynamic market conditions following the tariff announcements in April. Despite the tariff uncertainty, our markets behaved largely in line with our expectations in the second quarter. We are highly focused on taking advantage of the current environment to optimize our processes, invest in our new product development and organic growth initiatives, execute on accretive acquisitions, and bolster our financial foundation so we can accelerate our growth trajectory as demand recovers.”
Second Quarter 2025 Revenue by Market Sector
(compared to second quarter 2024 unless otherwise noted)
RV (46% of Revenue)
- Revenue of $479 million increased 7% while wholesale RV industry unit shipments were flat.
- Content per wholesale RV unit (on a trailing twelve-month basis) was flat at $4,952 when compared to the prior year period, and increased 2% when compared to the first quarter of 2025.
Marine (15% of Revenue)
- Revenue of $156 million decreased 1% while estimated wholesale powerboat industry unit shipments decreased 5%.
- Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased 2% to $4,012 when compared to the prior year period, and increased 1% when compared to the first quarter of 2025.
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