Net sales for Patrick Industries increased 7% to $1 billion for the first quarter of 2025, driven by revenue growth of 14% and 7% in the company’s RV and Housing markets, respectively.
Marine revenue declined 4% and there was a 2% decline in Powersports revenue.
EBITDA increased 9%, or $9 million, to $108 million.
The results for the quarter, ended March 30 2025, show operating income increased approximately 10% to $66 million compared to $59 million in the first quarter of 2024.
There was an operating margin of 6.5% compared to 6.4% in the same period in 2024.
“Our diversified business model continues to demonstrate its resilience and value, with strength in our RV and Housing markets offsetting lower demand from our Marine and Powersports customers,” said Andy Nemeth, CEO.
“The ongoing investments we have made in strategic acquisitions, automation initiatives, new product development, and our Advanced Product Group have resulted in a stronger, more resilient customer-service focused business that is well positioned to capture opportunities as market conditions evolve.”
Our diversified business model continues to demonstrate its resilience and value.
Andy Nemeth
The latest financial figures show Patrick’s Marine business had $149 million revenue, a decrease of 4% while estimated wholesale powerboat industry unit shipments decreased 10%.
Estimated content per wholesale powerboat unit (on a trailing 12-month basis) was flat at $3,979 when compared to the same prior year period.
Compared to the fourth quarter of 2024, estimated content per wholesale powerboat unit (on a trailing 12-month basis) increased 2%.
The Powersports business had a revenue of $81 million, a decrease of 2%.
“The first quarter results were in line with our plan, reflecting thoughtful production increases in our RV market to flexibly position for the retail selling season, coupled with the successful implementation of our strategic initiatives, which all helped to drive revenue growth, solid profitability, and improved cash flow generation,” continued Andy.
But he cautioned about the forthcoming months with the effect of tarrifs providing market uncertainty.
“As we enter the second quarter, the announced multi-country tariff rollout has resulted in higher levels of macroeconomic uncertainty and cautionary reports on consumer sentiment,” he concluded.
