Patrick Industries sees annual profit
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Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting full-year net income of $328 million, up from $225 million in 2021. President Jeff Rodino says the company’s investments in the marine OEM market and marine aftermarket helped bolster its yearly and quarterly results.
“We have continued to invest in our infrastructure and culture to support our strategic plan and solidify the Company’s foundation for future growth,” said Rodino. “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.”
The manufacturer is also reporting fourth quarter net income of $40 million, down from $61 million during the same period in 2021.
“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 CEO Andy Nemeth. “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.”
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