Patrick Industries reported first-quarter 2023 sales fell 33% from the first quarter of 2022. The supplier attributed the decline to “significant declines” in the RV market and macroeconomic headwinds.
Company profits fell 73% in the first quarter from the first quarter of 2022.
CEO Andy Nemeth said Patrick Industries remained optimistic about the long-term outlook.
“We … believe we are well positioned to not only take advantage of strategic opportunities that present themselves in the short term but to also pivot and drive utilization and capitalize on opportunities that arise when our markets stabilize and rebound,” Nemeth said. “We understand the headwinds we face as elevated interest rates, inflation and macroeconomic uncertainty have weighed on our end markets. We are confident in the strength of our balance sheet, liquidity and our favorable long-term capital structure with no material debt maturities until 2027.”
Nemeth said the company’s diversification helped produce “solid” first quarter profits despite the RV industry slowdown.
Content per wholesale RV unit increased 22%, compared to first quarter 2022 to $5,349, the company said.
“Our team remains dedicated to exceeding customer expectations,” Nemeth said, “through our expanding array of higher value products with a keen focus on quality and customer service, profitable growth, and driving shareholder value.”
