Patrick Industries reports second quarter profit
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Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting second quarter net income of $117 million, up 98% from $59 million during the same period last year. President Jeff Rodino says the company benefitted from its capital expenditures, which totaled more than $100 million over the last 18 months.
“Our automation and technology initiatives are helping us leverage our labor resources to allow us to drive continued production efficiencies and strong returns,” said Rodino.
The company is also reporting net sales of $1.5 billion, a 45% increase compared to the second quarter of 2021. Patrick says the increase can be attributed to strong performance in its leisure lifestyle and housing end markets, as well as market share gains and contributions from acquisitions completed over the last few years.
“We continued to leverage our investments in technology, automation, and human capital to meet customer needs while maintaining a nimble posture that supports our ability to flex rapidly with changing customer demand,” said Chief Executive Officer Andy Nemeth. “While we have seen subsiding pressures in the supply chain, our team continues to work tirelessly to ensure that we continue to be a priority option as a first-choice scalable solutions provider for our customers while maintaining our capacity and maneuverability.”
In May, Patrick acquired Diamondback Towers LLC, a Florida-based manufacturer of wakeboard and ski towers and accessories for marine original equipment manufacturers.
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