Skip to main content
Publish date:

Patrick Industries remains bullish on boating

Patrick Industries today reported sales of $575.1 million for its third quarter, up 41 percent compared to the same period a year ago. Net income was $27.9 million for the quarter, up 57 percent compared last year.

The company said its marine sales, representing 14 percent of companywide sales for the quarter, were up 137 percent over the same period a year ago.

“During the third quarter, we completed the acquisition of Engineered Metals and Composites, another marine component supplier, marking our eighth acquisition overall this year,” Todd Cleveland, chairman and CEO, said in a statement.

The company said marine sales for the first nine months of the year increased 153 percent compared to the prior year. Its “marine content per retail unit” (on a trailing 12-month basis) for the third quarter was up approximately 152 percent to an estimated $1,058 compared to $420 for the third quarter of 2017.

"We continue to have a favorable outlook on all of our primary end-markets based on strong fundamentals and solid retail demand," Cleveland said. "As we look ahead to the remainder of 2018 and into 2019, we believe in the ongoing appeal of the outdoor, leisure family-oriented lifestyle that continues to attract new consumers and repeat buyers in both the RV and marine markets.”


Volvo Penta to Power Offshore Wind Farm Transfer Vessels

The Swedish company will provide quad IPS systems for crew-and-equipment transfer vessels being built by American Offshore Services.

ePropulsion Secures B+ Series Funding

The China-based company will use the investment — equal to tens of millions of U.S. dollars — to advance research and development in e-power technology innovations.

Discover Boating Moves Forward

The joint NMMA and MRAA effort reveals a new logo and its rebranding of the Miami International Boat Show.

The Outdoor Recreation Boom Continues

Bombardier Recreational Products saw revenue jump 28 percent to $4.2 billion for the year, but dipping in its fiscal Q3 due to supply chain constraints.

A Steady Decline

Demand remains strong, but supply-chain logjams continue to weaken boat registration numbers.

Heimensen Named MarineMax Marketing VP

The yacht retailer announced it has promoted its longtime marketing director Abbey Heimensen.

C.G. Foundation Launches GivingTuesday Matching Challenge

The Coast Guard Foundation is launching a matching gift in which Geico Military will triple all donations received by midnight tonight.

Argo App Experiences Growth

Over a two-year period, the navigation and social boating app has expanded its on-the-water community to 50,000 boaters, with functionality upgrades planned in the future.