Patrick Industries said its sales and profits rose in the second quarter of 2024 from the same period in 2023. The success was driven in part by increases in its RV division.
Overall, Patrick’s sales in the quarter rose 10% from the second quarter of 2023. RV revenue totaled $450 million, a 17% increase from the second quarter of 2023.
Content per wholesale RV unit on a trailing 12-month basis decreased by 2% to $4,966.
Patrick CEO Andy Nemeth said, “Demand in our end markets continues to hinge upon consumer confidence and interest rate relief, and our businesses and leaders will maintain our strong operating discipline and financial foundation and use this time to continue developing innovative products and solutions for our customers that will enable value creation for years to come.”
President – RV Jeff Rodino said the company’s investments in its Advanced Product Group are fueling innovative, full-component solutions that will help the company drive organic growth.
Patrick also announced that the company elected a new chief accounting officer during the second quarter. Matthew Filer was named to the role May 16. Filer joined Patrick in November 2022 and served as the company’s senior vice president – finance. From May 2023 to March 2024, Filer served as interim executive vice president – finance, chief financial officer and treasurer.
