Patrick Industries Inc. reported its financial results for the first quarter of 2026. The company said its revenue growth in the marine (14%) and powersports (28%) industries was offset by lower revenue in the RV and housing markets.
Patrick CEO Andy Nemeth said sales were $997 million compared with just over $1 billion in the first quarter of 2025.
“Content gains were strong as a result of our team’s tremendous focus on innovation and product solutions, and helped to offset shipment declines in our RV, marine, and manufactured housing markets,” Nemeth said. “The demand environment in the first quarter was influenced by macroeconomic and geopolitical headwinds and dealer ordering discipline. Against this backdrop, our team’s ability to pivot quickly, combined with our customer-focused approach, enabled us to outperform in our Outdoor Enthusiast end markets.”
Patrick said its RV content per unit, on a trailing 12-month basis, increased by 8%.
Patrick’s profits increased 3% from the fiscal first quarter of 2025 to $39 million.
On April 17, Patrick confirmed that it is in discussions with LCI Industries regarding a potential merger of equals. The company did not provide additional details in its earnings release.
Nemeth said the company has continued to work at a high level through the discussions with Lippert.
“I want to thank our team members for their dedication and commitment,” Nemeth said, “as they continued to execute with focus to deliver resilient performance and demonstrate the strength and adaptability of our diversified business model in a challenging and uncertain macroeconomic environment.”
The publicly traded company returned $31 million to shareholders in the first quarter of 2026, including $16 million through regular quarterly dividends and $15 million through share repurchases.
Patrick President Jeff Rodino said, “RV OEM adoption of our composite solutions continues to gain traction as we expand our capabilities and product lineup to meet evolving customer needs. Across our businesses, we remain committed to delivering the value-added products, services and solutions our customers expect.”
