Patrick Industries, which makes OEM and aftermarket products for the RV and marine industries, had net sales of nearly $4.9 billion in 2022 compared to $4.1 billion in 2021. Gross profit was $1.06 billion, up from $801,194 the year before.
“In 2022, Patrick strategically allocated $439 million of capital to acquisitions capital expenditures, stock buybacks and dividend to shareholders,” the company said in its annual report.
First quarter net sales were $1.3 billion, followed by $1.5 in Q2, $1.1 in Q3 and $951,915 in Q4.
Approximately 65% of the marine net sales were attributable to acquisitions made in 2022 and 2021. Estimated marine retail shipments totaled about 188,100 units in 2022, a decrease of 15% compared with 2021. Marine wholesale unit shipments were limited in part by supply-chain constraints.
Strategic acquisitions drove revenue from the marine OEM and aftermarket to more than $1 billion for the first time in the company’s history. Those acquisitions included Transhield, a maker of protective transportation covers for boats and RVs, Diamondback Towers, which produces wakesports towing towers and audio giant Rockford Fosgate. Total cash consideration for these acquisitions was $248.5 million.
Supply-chain constraints, particularly in the area of propulsion systems, limited wholesale unit shipments in the marine segment. This resulted in higher order backlogs and lower dealer inventory levels during the first half of 2022.
Patrick said it generated $412 million in operating cash flows and returned $110 million to shareholders including share repurchases of $77 million and dividends of $33 million after the board of directors decided in November 2022 to increase quarterly dividend by 36% to 45 cents per share.
Patrick invested $80 million in capital expenditures in 2022 with a focus on investments in automation and innovation initiatives. The company expects to invest as much as $75 million in similar upgrades in 2023.
