Skip to main content

Patrick Reports Strong Q3


Elkhart, Ind.-based manufacturer and distributor Patrick Industries reported a $359 million gain in net sales for its third quarter, posting a 51 percent increase to $1.1 billion.

The company said net income increased 54 percent to $57.4 million, compared with the third quarter a year prior. Diluted earnings per share was $2.45, a 51 percent increase compared with $1.62 last year.

Patrick’s recreational vehicle division accounted for 60 percent of revenue, with net sales of $633.2 million, a 50 percent increase. The company said wholesale RV unit shipments increased 23 percent.

Sixteen percent of revenue was attributed to the marine division, with sales increasing 85 percent to $173 million. Wholesale shipments showed a 15 percent gain.

Acquisitions in the third quarter came in at $43.5 million, including the additions of Coyote Manufacturing and Tumacs Covers, which serve the marine OEM and dealer markets.

Chief executive officer Andy Nemeth said the Patrick team was able to handle supply chain issues, with positive results.

“The talent, resilience and creative initiatives of our team members, in combination with the partnership of our customers, helped us to successfully navigate an incredibly complex and dynamic supply chain environment,” Nemeth said. “Retail demand for leisure lifestyle products remains high and has resulted in decreasing dealer inventories and increasing OEM backlogs, despite record industry production levels.”

Nemeth hinted that the supply chain issues will continue for the foreseeable future.

“Retail and wholesale demand patterns and projections continue to point toward an extension of the RV, marine and MH dealer inventory replenishment cycle, and the resulting OEM production requirements, well into 2022 and likely into 2023,” he said.

“Additionally, ongoing supply chain initiatives, supported by our strong liquidity and investments in technology, systems and human capital, will continue to provide the opportunity to serve our customers as they flex their production models and work to replenish heavily depleted dealer lots and reduce record backlogs,” Nemeth added.



Industry Pushes Back Against Speed Restrictions

A NOAA Fisheries proposal would restrict boats 35 feet and larger to a 10-knot speed limit along the East Coast to protect right whales from vessel strikes.


Magonis Opens Connecticut Office

The Spain-based, electric-boat builder offers an 18-footer that’s available with motors from Torqeedo and Mag Power.


Bill Seeks to Increase Youth Fishing

The bipartisan Coastal Fishing Program Act of 2022 would ease barriers to accessing the outdoors in underserved communities.


Fall Is in Full Swing

With the autumnal equinox ushering in a new season today, the fall boat-show circuit is in high gear. Here are some recent reports and a look at what’s to come.


Manufacturer Confidence Drops

Still, U.S. builders remain largely optimistic despite ongoing constraints with the supply chain and workforce, as well as yesterday’s interest rate hike.


Defender Adds TEMO Electric Boat Motor

Defender Industries is the official U.S. dealer for the French company’s lightweight, portable electric motors.


Twin Disc Sells Belgium Facility

The transmission manufacturer is still using the facility in a leaseback transaction as it looks to reduce costs.