ELKHART, Ind. — Patrick Industries reported net income of $41 million on net sales of $919 million in the third quarter representing increases of 3 percent and 6 percent respectively compared to the third quarter of 2023.

The company noted that a 13 percent increase in housing revenue and its first quarter acquisition of Sportech helped more than offset a 21 percent decline in marine revenue.

"The Patrick team delivered another quarter of solid results with revenue and net income growth supported by the continued diversification of our business," said Andy Nemeth, CEO. "The resilience of our model is directly related to the dedication and talent of our incredible team members, and the strategic investments we have made enabling Patrick to perform well during a prolonged period of inventory destocking that has continued to affect our Outdoor Enthusiast end markets at different times over the last two years."

Jeff Rodino, President — RV, said, "This quarter, we welcomed RecPro into our family of brands, which meaningfully expands our position in the direct-to-consumer RV and enthusiast aftermarket. We are energized by the depth and breadth of their product offering, the synergies across our business, and their tremendous leadership and expertise in e-commerce and aftermarket sales. We believe RecPro's efficient distribution channel and significant consumer reach will substantially enhance our ability to provide Patrick's valuable aftermarket solutions across all of our end markets."

Patrick followed up its acquisition of Sportech with the Sept. 9 acquisition of Bristol, Indiana-based ICON Direct Inc. ICON Direct operates as RecPro.com, an e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets. Patrick estimates RecPro's 2024 revenues will be approximately $80 million.

Jeff Rodino, president — RV, said, "This quarter, we welcomed RecPro into our family of brands, which meaningfully expands our position in the direct-to-consumer RV and enthusiast aftermarket… We believe RecPro's efficient distribution channel and significant consumer reach will substantially enhance our ability to provide Patrick's valuable aftermarket solutions across all of our end markets."

Patrick is a component solutions provider serving the RV, Marine, Powersports and Housing markets.