Skip to main content

Patrick Industries’ marine division reports 137 percent sales jump

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.

Related

1_TRAVELIFT.COOP

Marine Travelift Launches Co-op Program

The company received its first student, a University of Wisconsin engineering major, in the seven-month paid co-op.

1_JULY4

Trade Only Today Returns Tuesday

The e-newsletter will not publish July 4 in observance of Independence Day. We wish everyone a safe holiday weekend.

1_ORR.FUNDS

ORR Announces Federally Funded Projects

The U.S. Economic Development Administration prioritized outdoor recreation for the first time

Norm#4

Ten Ways To Sell in a Tough Economy

These keys to successful selling can help you create customers who keep coming back, even when sales dip

1_ASA.BOARD

ASA Names New Board Members

The American Sportfishing Association filled two at-large seats and two regional seats on its board of directors.

1_EXEC.SEARCH

Dammrich, Hopkinson Partner With Marine Resources Recruitment

The industry veterans will help clients fill executive-suite, marine industry job openings around the world.

1_PULSE.PING.0630

DEALERS: How Was Business in the First Half of 2022?

With the second quarter coming to a close, was there parity between the budget and financial performance in the first six months? Take the Pulse Report survey here.

1_PMMPODCAST

Passagemaker Relaunches Podcast

Trawler Talk aims to connect with those who are interested in the cruising lifestyle, with episodes dropping every other week