Patrick Industries today reported a 3 percent increase in net sales of $549.5 million for its fourth quarter. Net income was $20 million, compared to $27 million for the same period a year ago.
The company said in a statement that the increase came from growth in its housing and industrial markets, acquisitions and market-share gains. It was partially offset by wholesale unit shipment declines in the RV and marine markets.
Its marine business, which represented 13 percent of fourth quarter sales, was down 13 percent compared to the same quarter a year ago. The company estimated that wholesale unit shipments of powerboats were down between 18 and 20 percent for the quarter.
“We are pleased with our fourth quarter and full year performance, especially in light of the volatility experienced in all of our primary markets,” said Andy Nemeth, president and CEO, in the statement. “Our team's efforts reflect tremendous focus on executing on strategic initiatives across all of our end markets, driving operational efficiencies and cost reductions to optimize and position our cost structure for 2020, leveraging synergies from new acquisitions and across our business units, and delivering market share gains."
Net sales for 2019 rose 3 percent to $2.34 billion from $2.26 billion in 2018. “The increase in 2019 was primarily attributable to acquisitions and market share gains, which were partially offset by industry declines in three of the four primary markets served,” the statement said.
Marine industry revenues represented 14 percent of 2019 sales and increased 20 percent compared with 2018, while marine powerboat industry wholesale unit shipments decreased an estimated 12 to 14 percent. “Our marine powerboat content per unit for 2019 increased 26 percent to an estimated $1,581, from $1,256 for 2018,” said Nemeth.