Patrick Industries today reported sales of $613.2 million for its second quarter ended June 30, 2019. Sales were up 1 percent compared to the same quarter a year ago. Net income for the quarter was $27.4 million compared to $34.9 million a year ago.
Patrick said in a statement that revenues from the marine industry, which represent 6 percent of total sales, were up 39 percent for the quarter. The company said that “marine powerboat content” per retail unit (on a trailing twelve-month basis) for the second quarter of 2019 increased 93 percent during the quarter to an estimated $1,655 from $856 for the same quarter in 2018.
The company’s recreational vehicle business represent 56 percent of total sales. Patrick also has businesses in the manufactured-home sector as well as the Industrial market.
“Our second quarter performance reflects our team’s ongoing efforts and discipline while we navigate continued aggressive dealer inventory rebalancing in the RV market sector and weather-related issues and conditions which hampered certain sectors of the marine and manufactured housing markets,” said Todd Cleveland, chairman and CEO, in a statement.
Andy Nemeth said the company’s diversification across multiple industries “positively impacted” second-quarter results. “Fundamentally strong demographic and consumer trends continue to support and reinforce a solid long-term retail outlook and sentiment for all of our primary markets,” said Nemeth in the statement.
