COURTESY PATRICK INDUSTRIES

Patrick Industries yesterday reported financial results for the fourth quarter and fiscal year 2024.

Fourth-quarter net sales increased 8% to $846 million, compared with $781 million in the prior-year quarter. However, lower revenue from the marine end-market, due to lower wholesale shipments, partially offset the improvement in sales.

Marine-segment revenue of $122 million was a decrease of 17%, while estimated wholesale powerboat industry unit shipments declined 20%. The full-year estimated content per wholesale powerboat unit decreased 3% to $3,967. Compared with the trailing 12-month period through the third quarter of 2024, content per wholesale powerboat unit increased 1%.

“We see significant opportunity across the outdoor-enthusiast space and are optimistic about the long-term growth potential of our company and the markets we serve,” CEO Andy Nemeth said in a statement. “We have continued to make strategic investments in our business, including our automation initiatives and the creation of our Advanced Product Group, which highlights our commitment to forward-looking innovation and delivering cutting-edge product solutions to our customers.”

Operating income of $40 million was down $17 million, or 31%, compared with the fourth quarter of 2023. Operating margin decreased 260 basis points to 4.7%, reflecting higher amortization related to acquisitions and the strategic decision to maintain production capacity to enhance the company’s ability to serve customers as they prepare for the selling season. Net income was $15 million or $0.42 per diluted share in the quarter, compared with $31 million or $0.94 per diluted share in 2023.

“Looking ahead,” Nemeth said in the statement, “we are optimistic about our end markets, favorable demographic trends, the earnings power of our business, our strong balance sheet and cash flow, and the unwavering commitment of our team members who are key to our continued momentum in 2025.”