Patrick Industries Enjoys Successful Investor Trip to NYC – RVBusiness – Breaking RV Industry News
Patrick Industries has had a quite a week during its trip to New York City. Starting with a “takeover” of Times Square, followed by CEO Andy Nemeth ringing the Nasdaq opening bell to start Tuesday’s trading session, to a successful Investor Day presentation, the Elkhart, Ind.-based mega supplier is finishing 2024 in grand style.
While in New York, Patrick CEO Andy Nemeth also appeared on several national media outlets to discuss our markets and business including Varney & Co. (Fox Business) Tuesday (click here to see the video) and Yahoo Finance Live (see video above) on Wednesday.
“For the first time in Patrick’s 65 year history, we had the honor of ringing the opening bell at Nasdaq on Tuesday,” said Patrick Industries President Jeff Rodino. “It was a great way to celebrate the incredible accomplishments of our entire team across all of Patrick’s 85-plus brands. It was also amazing to see our products proudly displayed in Times Square, a tribute the hard work that goes into everything we manufacture day in and day out.”
“It was incredible to see how far Patrick Industries has come as a leader in component solutions for the RV, marine, powersports and housing markets,” added Vice President of Marketing Anna Parker. “The event not only highlighted the strength of our business strategy and the depth of our team’s expertise, but it also underscored the enthusiasm and commitment of our partners and investors to Patrick’s growth story.”
The “Times Square Takeover” featured a luxury sport pontoon on a custom trailer, a Patrick-branded toy hauler RV, and an upfitted UTV with a speaker roof on display in Times Square, right outside the Nasdaq Marketsite.
Later that same morning, Patrick team members rang the bell at Nasdaq, officially starting trading for the day. Following the bell ringing members of Patrick’s senior management team hosted an Investor Day presentation at the Nasdaq Marketsite. Over 70 analysts and investors attended to hear about the Company’s strategic initiatives, growth opportunities and long-term financial framework.
The webcast and presentation materials are available on the company’s website, www.patrickind.com, under “For Investors.”
Key points from the company’s investor presentation were:
- Tenfold Revenue Growth Over a Decade: Patrick’s revenue has grown from $278 million in 2010 to $3.7 billion in 2024 TTM, a remarkable 21% compound annual growth rate (CAGR).
- Strategic Diversification Success: The company has successfully diversified into four key markets—RV, Marine, Powersports, and Housing—shifting its revenue mix and significantly expanding its presence in these segments.
- Acquisition-Led Expansion: Since 2010, Patrick has completed acquisitions representing $2.8 billion in revenue, solidifying its position as the acquirer of choice in the Outdoor Enthusiast and Housing markets.
- Aftermarket Growth Potential: The RecPro platform is poised for substantial growth, with expectations to double its revenues within 3-5 years.
- Strong Market Positioning: Patrick is well-positioned near its customers with a geographically aligned operational model and strong customer relationships, driving organic growth opportunities.
- Focus on Innovation: The Advanced Product Group and proprietary solutions, like composite materials for RV and marine markets, are fueling growth and market differentiation.
- Enhanced Financial Resilience: With robust free cash flow generation and an improved capital structure, Patrick has the liquidity and flexibility to pursue further strategic acquisitions and innovation.
- Total Addressable Market (TAM) Expansion: Patrick’s TAM is significantly larger than current revenue, with opportunities for growth across all segments, including a 4x increase in Marine TAM and doubling in Housing TAM.
- Performance Highlights: Patrick’s gross and operating margins have steadily increased, reflecting strong operational execution and strategic market positioning.
- Empowering Enthusiasts Brand Strategy: Transitioning from a behind-the-scenes supplier to an empowering leader, Patrick is leveraging its network effect to elevate its brands and the Outdoor Enthusiast lifestyle.
