Patrick Industries reported net sales of $4.9 billion for fiscal 2022, a 20% increase from the previous year. Gross margin was 2.17%, and basis points increased by 210. Operating income increased 41% to $496 million, and net income was up 46% to $328 million.
“We are proud of our team’s performance during the fourth quarter and full year as we navigated extremely dynamic market conditions and capitalized on our size, scale, flexibility and resources,” CEO Andy Nemeth said in a statement. “Our business model served us well in 2022, as we reported record full-year revenues and profits.”
Net sales in the fourth quarter decreased $196 million, or 17%, to $952 million from $1.1 billion in the year-prior, according to the company, with increased marine and manufactured-housing revenue partially offsetting a 47% wholesale unit shipment decline in the RV end market.
Operating income of $68 million was a 29% reduction from $95 million in the previous fourth quarter. Operating margin of 7.1% decreased 120 basis points compared to 8.3%.
Net income was $40 million, a 34% decrease compared with $61 million in the year-prior quarter. Diluted earnings per share were $1.68, a decrease of 36%, compared to $2.62 for the previous year.
The marine segment reported revenue of $255 million, an increase of 35%, and estimated wholesale powerboat industry unit shipments increased 11%. Full-year estimated content per wholesale powerboat unit increased 45% to $5,281. Patrick said marine demand was more consistent throughout the year.
