Patrick Industries’ marine revenue grew 14% in the first quarter of 2026, with the increase put down to the growth in content per unit reflecting a strong performance in the last model-year changeover and the impact of recent marine-related acquisitions.
The marine sector – which makes up 17% of overall revenue – had revenue of $170 million, while estimated wholesale powerboat industry unit shipments decreased 7%.
Estimated content per wholesale powerboat unit increased 17% to $4,657 when compared to the prior year period and increased 6% when compared to the fourth quarter of 2025.
Net income increased 3% to $39 million, with adjusted EBITDA reaching $113 million compared to $116 million. Adjusted EBITDA margin was 11.4% compared to 11.5% in the same period prior year.
Unchanged operating margin
Across all sectors, the company’s net sales declined to $997 million compared to $1,003 million in the first quarter of 2025, and operating income was $65 million compared to $66 million in the first quarter of 2025.
The operating margin of 6.5% was unchanged versus the same period a year ago.
“I want to thank our team members for their dedication and commitment, as they continued to execute with focus to deliver resilient performance and demonstrate the strength and adaptability of our diversified business model in a challenging and uncertain macroeconomic environment,” said Andy Nemeth, chief executive officer for Patrick Industries.
“Content gains were strong as a result of our team’s tremendous focus on innovation and product solutions and helped to offset shipment declines in our RV, marine and manufactured housing markets.
“The demand environment in the first quarter was influenced by macroeconomic and geopolitical headwinds and dealer ordering discipline.
While the outlook remains uncertain, the company says it is confident in its ability to execute its priorities including investing in and developing its aftermarket platform.
Reinvestment
In addition, it will continue to drive organic growth and composite product innovation and adoption.
“Additionally, we are making prudent organic investments in technology and advanced manufacturing capabilities, including AI-driven tools that are enhancing the visibility and efficiency of our decentralized business structure,” added Andy Nemeth.
“We believe that reinvestment throughout the cycle is critical to maintaining our operational resilience and strong market position, while enhancing our ability to drive long-term profitable growth.”
Patrick Industries is currently in discussions with LCI Industries regarding a potential merger of equals transaction.
