Patrick Industries marine market revenue declined 35% in the first quarter of 2024.
Overall sales increased by 4% an increase of $33 million compared to the first quarter of 2023.
The increase in sales was primarily driven by higher revenue from RV and housing end markets combined with the acquisition of Sportech. The marine market experienced a 35% decline in revenue.
“Patrick returned to growth in the first quarter as a result of our disciplined operating management, market share growth, and strategic acquisition and diversification strategy,” said CEO Andy Nemeth.
“We generated 15% higher RV revenue, which when coupled with stronger housing revenue and the first quarter acquisition of Sportech more than offset a 35% decline in our marine revenue.”
He added: “Our first quarter results further demonstrate the benefits of our diversification strategy, and when combined with our customer-focused philosophy, investment in higher-engineered products and ability to scale quickly to OEM needs, help to ensure that Patrick is in an ideal position to drive future organic and strategic growth as we look forward to an expected recovery in demand.”
Marine sales made up 17% of Patrick’s revenue with revenue of $155 million, down 35% on 2023. Estimated wholesale powerboat industry unit shipments decreased 34%.
Powersports sales totalled 9% of $83 million revenue, an increase of 152% on 2023, driven primarily by the acquisition of Sportech.
