Patrick Industries Reports Mixed Q2 Results Amid RV Market Slump
Elkhart-based component provider Patrick Industries reported $1.04 billion in second-quarter revenue, a marginal dip from last year as gains in its marine and powersports segments failed to fully offset a double-digit decline in the recreational vehicle sector, where wholesale shipments fell by 16% during the quarter.
Despite the contraction in the RV market, Patrick Industries saw net income rise 34% to $43 million, or $1.28 per share, compared to the same period in 2025. CEO Andy Nemeth attributed the resilience of the company’s diversified platform to its strategic footprint in marine and housing, which helped stabilize performance during a period of consumer discretionary spending volatility.
Operating income for the quarter reached $77 million, down from $87 million a year ago, reflecting pressures from higher fuel costs and merger-related expenses. The company also returned $106 million to shareholders through dividends and aggressive stock repurchases. Following the quarter's close, Patrick Industries confirmed plans for an all-stock merger with LCI Industries, a deal designed to consolidate their positions as major suppliers to the outdoor and housing industries.
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