Patrick Industries Reports 7% Increase in Net Sales to $3.72 Billion for Fiscal Year 2024

Patrick Industries, Inc. reported a 7% increase in net sales for the fiscal year ending December 31, 2024, reaching approximately $3.72 billion, compared to $3.47 billion in 2023. The growth was primarily driven by significant sales increases in the powersports, recreational vehicle (RV), and manufactured housing (MH) markets, which offset declines in the marine and industrial sectors. Notably, sales to the powersports market surged by 189% to $230.3 million, largely due to the acquisition of Sportech, LLC in January 2024. Sales to the RV market rose by 8% to $1.63 billion, while MH sales increased by 20% to $682.1 million, reflecting a recovery in industry wholesale unit shipments.

In terms of profitability, the company reported a net income of $138.4 million, a decrease of 3% from $142.9 million in the previous year. Operating income also saw a slight decline of 1%, totaling $258 million. The decrease in profitability was attributed to increased costs, including a 7% rise in the cost of goods sold, which reached $2.88 billion. The gross profit margin slightly decreased to 22.5% from 22.6% in 2023, influenced by higher overhead costs and research and development expenses.

Strategically, Patrick Industries has focused on expanding its market presence through acquisitions, completing transactions totaling approximately $418 million in 2024 and $696 million over the past three years. The company operates through two segments: Manufacturing, which accounted for 74% of net sales, and Distribution, which made up 26%. The company has also enhanced its operational capacity, with approximately 179 manufacturing plants and 47 distribution facilities across 25 states, as well as a small presence in Mexico, China, and Canada.

Operationally, Patrick Industries reported approximately 4,500 active customers as of December 31, 2024. The company’s workforce totaled around 10,000 employees, with 80% in hourly positions. The company continues to invest in its infrastructure and technology to support growth and improve operational efficiencies. Looking ahead, Patrick Industries remains optimistic about the RV market, anticipating a recovery in retail demand following a period of inventory restocking. However, the company acknowledges potential risks, including economic downturns, inflationary pressures, and changes in consumer spending that could impact future performance.