Patrick Industries Inc. saw a net income of $42.4 million, which is $117 million less than this time last year. The company attributes the loss in profit and sales due to the 44% decrease in RV industry wholesale unit shipments. Photo courtesy of Google.

News Release

ELKHART — Patrick Industries Inc., Elkhart-based RV, marine, and manufactured housing company, has released their second quarter reports.

Patrick Industries Inc. saw a net income of $42.4 million, which is $117 million less than this time last year. The company attributes the loss in profit and sales due to the 44% decrease in RV industry wholesale unit shipments.

According to the company’s financial report, their net sales of $921 million is down from their record $1.48 billion in the second quarter of 2022. Company representatives also cited the drop in sales to be attributed to declines in wholesale manufactured housing unit shipments.

In a press release, Jeff Rodino, President, stated, ““In partnership with our customers, our dedicated team members have strengthened Patrick’s ability to meet the challenges of the current environment without losing sight of the future. We continue to invest in the long-term development of our organization through the deployment of capital toward our goals of strategic diversification, operational excellence, and organic growth.”

Also stated in the press release is a statement from Andy Nemeth, Chief Executive Officer, “Our results are a reflection of our team’s nimbleness, resilience, and ability to adapt to dynamic market conditions while also noting that last year’s second-quarter earnings were the highest quarterly earnings in our Company’s history. Our performance continues to reflect the benefits of our strategic diversification initiatives helping to stabilize our margins while positioning us to quickly pivot and leverage our highly variable cost structure when our markets rebound.”

To read Patrick Industries Inc.’s full report, click here.