Patrick Industries reports Q2 2025 results

Patrick Industries, a component solutions provider, has reported financial results for the second quarter of 2025, ended June 29.

Net sales increased 3%, from $1.02 billion to $1.05 billion year-over-year. The company states that the growth in net sales was due to higher revenue in its RV and manufactured housing end markets, which offset lower revenue in its marine and powersports end markets.

Operating income increased 2% to $87 million in the second quarter of 2025. Operating margin was flat at 8.3% versus the same period a year ago.

Net income decreased 32% to $32 million, or $0.96 per diluted share, compared to $48 million, or $1.44 per diluted share, in the second quarter of 2024. Excluding one-time expenses related to a legal settlement, adjusted net income in the second quarter of 2025 was $51 million, or $1.50 per diluted share, compared to adjusted net income of $48 million, or $1.44 per diluted share, in the prior year period.

Q2 2025 revenue

RV (46% of Revenue)

• Revenue of $479 million increased 7% while wholesale RV industry unit shipments were flat.
• Content per wholesale RV unit (on a trailing twelve-month basis) was flat at $4,952 when compared to the prior year period, and increased 2% when compared to the first quarter of 2025.

Marine (15% of Revenue)

• Revenue decreased 1% to $156 million while estimated wholesale powerboat industry unit shipments declined 5%.
• Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased 2% to $4,012 when compared to the prior year period, and increased 1% when compared to the first quarter of 2025.

Powersports (9% of Revenue)

• Revenue of $96 million decreased 7% as market share gains and a favorable shift in OEM attachment rates for premium utility vehicle content helped offset the impact of lower estimated total wholesale powersports industry unit shipments.

Housing (MH) (30% of Revenue, comprised of MH and Industrial)

• Revenue of $315 million increased 3%; estimated wholesale MH industry unit shipments increased 3%; total housing starts decreased 1%.
• Estimated content per wholesale MH unit (on a trailing twelve-month basis) increased 3% to $6,670 when compared to the prior year period, and was flat when compared to the first quarter of 2025.

“We are optimistic that the resilience in the equity markets and added clarity related to tariffs following the uncertainty we experienced in April will help improve consumer sentiment as the year progresses,” said Andy Nemeth, chief executive officer of Patrick Industries. “With the bulk of the retail selling season behind us in our outdoor enthusiast markets, our expectation for lower wholesale shipments in the second half of the year compared to the first half remains relatively unchanged. The strategic operational adjustments we have continued to make have positioned us to capitalize on positive market developments should demand exceed our forecast.

“Our team has focused on and delivered solid organic growth in the first half of the year, and we expect to more acutely focus our capital allocation on strategic acquisitions in the second half of 2025 and into 2026, as we believe pent-up demand and improving market conditions will catalyze the earnings power of Patrick’s differentiated business model,” he continued. “Our team remains fully engaged toward driving profitable growth while delivering exceptional value to our customers and other stakeholders at the highest level.”