Patrick Industries, Inc., a component solutions provider for the outdoor enthusiast and housing markets, Thursday reported net sales, operating income and profit increases for the first quarter of 2025.
Net sales increased 7% to $1 billion compared to the first quarter of 2024, driven by revenue growth of 14% and 7% in the company’s RV and housing markets, respectively. The sales marked Patrick’s first $1 billion net sales quarter since the third quarter of 2022. The RV and housing sales increase more than offset a 4% decline in marine revenue and a 2% decline in powersports revenue.
CEO Andy Nemeth said, “The anticipated seasonal production increase in our RV and MH markets and dedication of our team members coupled with our commitment to the execution of our strategic and operating plans helped drive solid revenue growth and profitability in the first quarter. Additionally, our diversified business model continues to demonstrate its resilience and value, with strength in our RV and housing markets offsetting lower demand from our marine and powersports customers.”
Operating income increased approximately 10% to $66 million in the first quarter of 2025, compared with $59 million in the first quarter of 2024.
Profits increased 9% to $38 million compared with $35 million in the first quarter of 2024.
“We continued to deploy capital in the first quarter toward our long-term growth objectives, completing the acquisitions of Elkhart Composites and Medallion Instrumentation Systems, which complement our existing product lines and expand the depth and breadth of solutions we can provide to our customers,” Patrick RV President Jeff Rodino said. “We will continue to prudently deploy capital and manage our cost structure so that we are well-positioned to navigate potential macroeconomic uncertainty.”
RV revenue totaled 48% of all Patrick’s quarterly revenue. The supplier’s content per wholesale RV unit was flat at $4,870 compared with the first quarter of 2024.
