Patrick Industries reported net sales of $1.1 billion in the third quarter, a 5% increase over the same period of a year ago. That was despite suffering a 40% drop in shipments of products to OEMs in the RV market.
Company officials say that deficit was offset by sales into the marine and manufactured housing markets.
RV revenue in the quarter was $524 million, a 17% drop compared with a year ago. It still made up 47% of overall revenue.
Net income in the quarter was $58.8 million, up from $57.4 million a year ago.
Through the third quarter, net income year-to-date was $288 million, compared with $164 million through Q3 of 2021.
“We are pleased with our third quarter performance which reflects the resilience of our business and margin profile as a result of our end market diversification and the diligence of our team as we worked with each of our customers in very dynamic market conditions to meet evolving consumer demand,” said Andy Nemeth, CEO. “We remain focused on ensuring that our business is scalable to enable us to stay nimble, and our strong balance sheet positions us well to flex our business model and capitalize upon opportunities for additional growth and strategic diversification.”
Jeff Rodino, president, said, “Our team continues to effectively and efficiently manage our business as we navigate the current reduction of production levels in our RV end market while supporting the growth in our marine and housing end market revenues. Our RV customers’ thoughtful discipline in managing production is helping maintain healthy dealer inventory levels and continues to position the industry well to manage through a range of potential market conditions.”
