Patrick Profit Ticks Up in Q3

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(photo courtesy Patrick Industries) (photo courtesy Patrick Industries)
ELKHART -

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting third quarter net income of $17.9 million, up from $12.1 million during the same period last year. Chief Executive Officer Todd Cleveland says the nearly 50 percent increase reflects continued strength in all of the company's primary markets and a focus on efficiency improvements.

Cleveland adds strategic acquisitions, targeted expansion opportunities, talent engagement and retention, and leveraging fixed costs also contributed to the strong quarter for the recreational vehicle manufacturer. President Andy Nemeth adds the company is "highly encouraged" by the strong demographic trends in the RV market.

"RV retail unit sales increases are aligned with increased wholesale production levels and support balanced retail inventories, and the positive momentum coming out of the recent RV manufacturers' annual open houses in September points towards continued growth," said Nemeth. "The marine powerboat retail market experienced gains over the prior year with unit sales up an estimated 3% in the first nine months of 2017, and the manufactured housing and industrial markets continue to be bolstered by low interest rates, improving consumer credit, and a strengthening economy and jobs environment. Additionally, the increasing attractiveness of the single-family manufactured housing option and the strength of multi-family urban living support these two building products-based markets."

Patrick Industries saw double-digit increases in revenues among all of its divisions, including RV, manufactured housing, industrial, and marine. You can view the company's full earnings report by clicking here.

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