Patrick Industries yesterday announced the financial results for the first quarter of 2025.
Net sales increased 7% to $1 billion, driven largely by revenue growth in the company’s RV and Housing segments. Operating margin increased 10 basis points to 6.5%. Net income during the quarter was $38 million, and cash flow grew to $40 million compared to $35 million in the same period last year.
The marine segment, which represents 15% of total revenue, reported a 4% decline to $149 million during the quarter, mainly due to a 10% decrease in OEM powerboat unit shipments.
“The anticipated seasonal production increase in our RV and MH markets and dedication of our team members coupled with our commitment to the execution of our strategic and operating plans helped drive solid revenue growth and profitability in the first quarter,” Patrick CEO Andy Nemeth said in a statement. “Additionally, 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.”
Nemeth provided the following financial outlook for the remainder of 2025: “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. Our team has the experience necessary to maneuver effectively through market volatility and we believe that this
period of heightened uncertainty will reinforce our value proposition to our customers and stakeholders as we continue to harness our scale and flexibility with our full solutions model to best serve our customers in any environment.”
