Patrick Industries has increased its net sales by 10% to $1.02 billion in the second quarter of 2024, however the organisation has seen a 30% decline in marine revenue.
Operating margin increased to 8.3% with operating income increasing $9 million, or 12%, compared to $76 million in the second quarter of 2023.
The Marine segment experienced continued strict production discipline by marine OEMs in light of ongoing marine dealer inventory destocking.
The marine segment – which amounted to 16% of Patrick revenue – had revenue of $158 million, while estimated wholesale powerboat industry unit shipments decreased 27%.
Estimated content per wholesale powerboat unit (on a trailing 12-month basis) decreased 10% to $3,935.
Compared to the first quarter of 2024, estimated content per wholesale powerboat unit (on a trailing 12-month basis) decreased 2%.
The Powersports segment had revenue of $104 million increased 185%, driven primarily by the acquisition of Sportech in the first quarter of 2024.
“Our solid revenue and operating margin improvement in the second quarter reflect the strategic diversification investments we have made over the last several years as well as our cost management initiatives and capital expenditures related to automation projects,” said Andy Nemeth, CEO.
