As RV manufacturers increased wholesale RV shipments in the first quarter of 2024, compared with the first quarter of 2023, Patrick Industries was among the beneficiaries.
The supplier said its first-quarter RV revenue rose 15% from the first quarter of 2023, outpacing the 9% increase in wholesale RV shipments.
Jeff Rodino, president of RV, said, “Our team hit the ground running in the first quarter as we supported and collaborated with our customers, remaining agile and ready to pivot when necessary.”
Patrick’s content per wholesale RV unit fell 9% on a trailing 12-month basis from the first quarter of 2023, totaling $4,859. However, the content increased by 1% compared with the fourth quarter of 2023, Patrick’s first sequential increase since then.
Patrick CEO Andy Nemeth said, “The RV and MH markets returned to year-over-year wholesale shipment growth in the first quarter and we believe our marine end market will begin to stabilize in the back half of 2024. We have a number of product innovations in development which will also help drive further organic growth.”
