Patrick Industries executives released new product details and predicted dealer restocking was near.
Patrick President of RV Jeff Rodino revealed various new products in the company’s second-quarter earnings call. During the 2024 second quarter, the company introduced RV composite component solutions from its Advanced Product Group.
The composite material has various RV interior and exterior applications. According to Rodino, the composite material include durability, supply chain reliability and weight-saving benefits.
“This allows us to tap into areas of content where we are previously underrepresented,” Rodino said, “and provides us the opportunity to capture significant potential revenue over the long term.”
During the second quarter, Patrick began distributing Taoglas, the company’s new low-profile RV antenna. According to Rodino, the product provides a lighter antenna choice and enhanced connectivity options.
Patrick CEO Andy Nemeth shared dealer restocking data. Patrick said it estimated that RV dealers’ lots have around 18-20 weeks on hand. Nemeth said the number is too low for a normal season.
“From a weeks-on-hand perspective,” Nemeth said, “I think we are kind of bouncing along the bottom.”
The supplier anticipates dealer restocking to pick up because of the low levels. Rodino predicted dealers will begin restocking around late November into December.
“Just through our conversations and also our business and the transportation side,” Rodino said, “we saw that there was a pretty quick push going into the show season to get product out there.”
The prediction is based on the expected industry inventory levels. Rodino said, “Restock is inevitable.”
