Marine revenue for Patrick Industries has declined by 21% for the third quarter of 2024.
The Marine sector accounted for 15% of the organisation’s overall revenue in the period with an overall revenue of $136 million.
The contraction is being put down to marine OEMs as well as OEMs across Patrick Industries’ Outdoor Enthusiast markets continuing to maintain highly disciplined production schedules in an effort to manage dealer inventory in alignment with current end market demand.
Estimated wholesale powerboat industry unit shipments decreased 23%.
Estimated content per wholesale powerboat unit (on a trailing 12-month basis) decreased 6% to $3,936.
Compared to the second quarter of 2024, estimated content per wholesale powerboat unit (on a trailing 12-month basis) was flat.
Patrick Industries Powersports business accounted for 10% of overall revenue.
We are optimistic that a positive demand inflection will occur in 2025.
Andy Nemeth
The revenue of $87 million increased 204%, driven primarily by the acquisition of Sportech in the first quarter of 2024.
Patrick Industries’ overall net income increased by 3% to $41 million with CEO Andy Nemeth praising the organisation’s team members.
“The Patrick team delivered another quarter of solid results with revenue and net income growth supported by the continued diversification of our business,” he said.
“The resilience of our model is directly related to the dedication and talent of our incredible team members, and the strategic investments we have made enabling Patrick to perform well during a prolonged period of inventory de-stocking that has continued to affect our Outdoor Enthusiast end markets at different times over the last two years.”
And he said the team remained confident in the strength of the brand portfolio and disciplined operating model.
“We are optimistic that a positive demand inflection will occur in 2025, and believe recent interest rate reductions, lower inflation levels and continued solid economic data are important ingredients to bring this recovery to fruition, at which point our business is sized and scaled to pivot in alignment with our customers’ needs,” said Andy.
