Patrick Industries reports Q2 growth despite marine, powersports slowdown
Patrick Industries, a leading supplier of components to the RV, marine, manufactured housing, and powersports sectors, reported mixed second-quarter 2025 results, with gains in RV and housing offsetting softer performance in marine and powersports.
For the quarter ended June 29, Patrick posted net sales of $1.05 billion, up 3% from $1.02 billion a year ago. Operating income rose 2% to $87 million, with margins flat at 8.3%. Reported net income fell 32% to $32 million, due to one-time legal expenses. On an adjusted basis, net income improved to $51 million versus $48 million last year.
Market performance
- Marine (15%): Revenue dipped 1% to $156 million as powerboat shipments fell 5%, though content per unit increased 2% to $4,012.
- Powersports (9%): Revenue declined 7% to $96 million. Gains in utility vehicle attachment rates helped offset softer overall industry shipments.
Outlook
CEO Andy Nemeth pointed to stronger equity markets and easing tariff uncertainty as potential positives for consumer sentiment. However, he noted that the bulk of the retail selling season for outdoor products, including marine and powersports, is now complete, and expects lower wholesale shipments in the second half of 2025.
Nemeth emphasized that Patrick is positioned to capture demand if it outpaces expectations, and that the company will prioritize acquisitions in late 2025 and 2026 to strengthen its market presence.
“Our team has delivered solid organic growth in the first half, and we remain focused on driving profitable growth while delivering value for our OEM customers and other stakeholders.” — CEO Andy Nemeth.
