Patrick Industries reported soaring sales and profits more than doubling from a year earlier despite supply-chain challenges.
In its first-quarter 2022 report, the supplier reported a 58% increase in revenue from the first quarter of 2021 and a 137% increase in profits over the same time.
“Although supply chain visibility remains challenging with certain products,” Patrick Industries CEO Andy Nemeth said, “the dedication our team put forth over the past 12 months to coordinate our efforts across our brands and operations and provide better procurement stability are taking hold to drive improved service and reliability for our customers.”
RV supplies accounted for 61% of Patrick Industries’ sales in the first quarter of 2022. Division sales rose 64% from the first quarter of 2021 as RV shipments increased 15% over the same period. Patrick reported its content per wholesale RV, on a trailing 12-month basis through March 31, rose 33% to $4,370.
“We are continuing to leverage our resources, capacity, capital investments, and acquisition strategy to enhance our operating platform and position our business to better serve our customers,” Nemeth said. “Consumer demand remains strong despite inflation and rising interest rates, RV dealer inventories are better calibrated versus a year ago, and marine, MH, and overall housing inventories remain lean with extended channel refill runway. We remain focused on driving automation and innovation initiatives which are producing the anticipated results.”