Patrick Industries reported third-quarter sales and profit increases despite its RV segment’s performance dipping slightly compared with the third quarter of 2023.
The RV segment’s revenue totaled $396 million, decreasing by 1% compared with the 2023 third quarter. Content per wholesale RV unit decreased by 1% to $4,887 on a trailing 12-month basis.
During the quarter, Patrick made efforts to enrich its RV segment by acquiring Icon Direct, operating as RecPro, an eCommerce business that manufactures RV and marine aftermarket products.
Patrick RV President Jeff Rodino said the acquisition expanded the company’s position to the direct-to-consumer aftermarket.
“We are energized by the depth and breadth of their product offering, the synergies across our business, and their tremendous leadership and expertise in eCommerce and aftermarket sales,” Rodino said. “We believe RecPro’s efficient distribution channel and significant consumer reach will substantially enhance our ability to provide Patrick’s valuable aftermarket solutions across all of our end markets.”
The supplier’s overall net sales increased by 6% compared with the 2023 third quarter to $919 million, and its operating income totaled $74 million compared with $71 million in the same quarter last year.
Patrick CEO Andy Nemeth said, “The resilience of our model is directly related to the dedication and talent of our incredible team members, and the strategic investments we have made enabling Patrick to perform well during a prolonged period of inventory destocking that has continued to affect our outdoor enthusiast end markets at different times over the last two years.”
