Patrick Industries’ marine division reports 137 percent sales jump

Publish date:

Patrick Industries today reported sales of $197.8 million for the second quarter of 2018. That represents a 49 percent gain over the same period a year ago. The company said in an online statement that the gains came through organic growth, acquisitions, geographic expansion and market-share gains. Net income for the quarter was up 64 percent to $34.9 million.

Sales from the marine sector represent 11 percent of the company’s sales. They rose 137 percent for the quarter, according to the statement. Its largest sector, recreational vehicles, represents 65 percent of sales. RV-related sales were up 41 percent for the quarter.

"RV and marine retail shipments remain strong, supported by solid fundamentals and demographic trends, with new buyers continuing to enter the market, attracted to the outdoor leisure family-oriented lifestyle," Patrick president Andy Nemeth said in the statement. "Our housing and industrial markets also continue to experience growth.”

Patrick’s most recent acquisition was Marine Accessories Corp. in June. The company also announced that it had expanded its senior secured credit facility to $900 million from $500 million. Patrick's total assets increased $323.5 million to $1.2 billion at July 1, from $866.6 million at Dec. 31, 2017, reflecting acquisition-related assets, seasonality and overall growth.