Patrick Industries reports narrow third quarter profit
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Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting third quarter net income of $59 million, compared to $57 million during the same period last year. CEO Andy Nemeth says the results reflect the resilience of the business and its market diversification efforts.
“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,” said Nemeth.
The RV manufacturer is also reporting net sales during the third quarter increased $52 million, or 5%, to $1.1 billion. The company says the strength of its marine and housing end markets, market share gains, and acquisitions completed in 2021 and 2022 helped offset a $110 million decline in RV revenues resulting from the planned reduction of production by original equipment manufacturers.
In May, Patrick acquired Diamondback Towers LLC, a Florida-based manufacturer of wakeboard and ski towers and accessories for marine OEMs.
“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,” said President Jeff Rodino. “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.”
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