Patrick Industries net sales for the fourth quarter and full year increased 8% to $846 million and 7% to $3.7 billion respectively, reflecting the contribution of acquisitions, and higher revenue from Housing and RV end markets.
Operating margin for the fourth quarter and full year was 4.7% and 6.9%, respectively. Adjusted operating margin for the fourth quarter and full year was 5.2% and 7.2%, respectively.
The improvement in sales was partially offset by lower revenue from the Marine end market due to lower marine industry wholesale shipments.
During the fourth quarter, Marine revenue of $122 million decreased 17% with estimated wholesale powerboat industry unit shipments decreasing 20%.
The Marine end market revenue previously included Powersports revenue, which Patrick Industries began to report separately following the Sportech acquisition.
Last year was strategically significant.
Andy Nemeth
Full year estimated content per wholesale powerboat unit decreased 3% to $3,967. Compared to the trailing 12-month period through the third quarter of 2024, content per wholesale powerboat unit increased 1%.
“As we navigated dynamic markets facing demand and interest rate pressures, we prioritized optimizing our operations and elevating our customer first expectations, presence and capabilities,” said Andy Nemeth, Patrick Industries CEO.
“Last year was strategically significant, as we completed two key acquisitions: Sportech, which solidifies our platform in the Powersports market, and RecPro, which meaningfully expands our presence in the Outdoor Enthusiast aftermarket space.”
For the full 2024 year net sales of $3.7 billion increased 7% compared to 2023 as a result of acquisitions completed during the year and higher revenue from Housing and RV end markets, partially offset by lower Marine end market revenue.
The organisation says it remains optimistic about the long-term growth potential of the company and the markets served.
“Looking ahead, we are optimistic about our end markets, favorable demographic trends, the earnings power of our business, our strong balance sheet and cash flow, and the unwavering commitment of our team members who are key to our continued momentum in 2025,” concluded Andy Nemeth.
