Patrick Industries Reports Big Profit Jump
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting full-year net income of $225 million, up from $97 million the previous year. President Jeff Rodino says market conditions across the manufacturer’s platform have remained strong despite challenges from the pandemic.
Patrick Industries manufactures components for the recreational vehicle, marine, manufactured housing, and industrial markets. Rodino says the company is seeing positive inventory recalibration taking place in the RV industry with strong backlogs in the other markets.
“Demographic trends point toward long-term growth with new buyers continuing to enter our markets,” Rodino said in a news release. “Our growth has been supported by ongoing implementation of best practice solutions, continuous improvement initiatives and investments in automation and capacity expansion which continue to drive our results.”
Net sales for the full year totaled $4.1 billion, a 64% increase over 2020. Patrick says the growth is primarily due to an increase in demand in its leisure lifestyle and housing markets, as well as acquisitions it made throughout 2021.
The company is also reporting fourth quarter net income of $61 million, up from $37.8 million during the same period in 2020.
Chief Executive Officer Andy Nemeth says the investments the company has made over the last 18th months are resulting in positive contributions and “will continue to enhance our ability to meet and exceed our customers’ needs.”
You can connect to the full earnings report by clicking here.