Patrick Industries today reported financial results for the third quarter and the nine months ended Sept. 27.
Net sales were $975 million, compared with $976 million in the prior-year period. Strong revenue performance in powersports (+30%) and marine (+14%), along with 4% growth in housing revenue, nearly offset a 15% decrease in recreational vehicle revenue.
Operating income was $50 million, and operating margin was 5.1%, compared with operating income of $66 million and operating margin of 6.8% a year ago. Net income was $21 million, and diluted earnings per share was $0.64.
“Our strategic market diversification and business model, in addition to our focus on innovation and product solutions for customers, continued to drive resilient results in the third quarter,” CEO Andy Nemeth said an earnings release. “Our team drove revenue growth in our marine, powersports and housing businesses, delivering consolidated net sales in line with the prior year, despite lower revenue in our RV business resulting from a decline in RV industry wholesale unit shipments.”
In marine business (18% of revenue), revenue of $171 million was up 14% year-over-year, outperforming an estimated 8% increase in wholesale powerboat industry unit shipments. Estimated content per wholesale powerboat unit (on a trailing 12-month basis) increased 20% to $4,942 compared with last year, and increased 1% compared with the second quarter of 2026.
As previously announced, the company in June signed a definitive agreement to combine with LCI Industries in an all-stock merger. The company’s registration statement on Form S-4 was declared effective by the Securities and Exchange Commission on Oct. 19, and the company will hold a special meeting of shareholders Nov. 18.
More information is available here.
