Patrick Industries Profit Climbs
Patrick CEO Todd Cleveland says Patrick's marine platform now represents more than $125 million in annual revenue.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Patrick Industries Inc. (Nasdaq: PATK) says net income in the third quarter jumped more than 50 percent, driven in large part by a boost in sales for the manufacturer’s largest segment: recreational vehicles. The company has completed eight acquisitions this year and says net sales were up by more than 40 percent.
Patrick is reporting a third quarter net income of $27.9 million, compared to $17.9 million during the same period in 2017. Sales came in at $575.1 million, an increase from $407.5 million a year ago.
Chief Executive Officer Todd Cleveland says Patrick maintains a favorable outlook across the board as retail demand remains "solid." He adds "as we look ahead to the remainder of 2018 and into 2019, we believe in the ongoing appeal of the outdoor, leisure family-oriented lifestyle that continues to attract new consumers and repeat buyers in both the RV and marine markets, while continuing to expect strong demand in the housing and industrial markets. Our strong operational and financial foundation and the exceptional commitment and dedication of our 8,000+ team members position us to outperform our end-markets, deliver growth on both the top and bottom line, drive shareholder value, and exceed our customers’ expectations." President Andy Nemeth says RV and marine retail markets continue to grow year-over-year.
During the quarter, the company completed the acquisition of Engineered Metals and Composites in South Carolina. You can connect to more about the third quarter results by clicking here.