Patrick Profit Jumps in 2017

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

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting full-year net income of $85.7 million in 2017, up from $55.6 million the previous year. The company says acquisitions contributed to the strong earnings. 

Patrick manufactures and distributes components and building products for the recreational vehicle, manufactured housing, marine and industrial markets. Chief Executive Officer Todd Cleveland says the company will continue to use its strong cash flows and financing platform to grow its business model and brands.

"As we look ahead to 2018 and beyond, we remain optimistic about the long-term growth potential in the RV and marine industries and we continue to increase our market penetration in the housing and industrial sector, achieving market share gains and adding additional content per unit," Cleveland said in a news release. "We believe that the strength of our operational and financial foundation, our customer first performance-oriented culture, and the exceptional talent and passion of our more than 6,800 team members will continue to position us to execute on our strategic plan to deliver strong growth on both the top and bottom line, drive shareholder value, and exceed our customers' expectations."

The company is also reporting fourth quarter net income of $29 million, up from $13.4 million during the same quarter in 2016. Cleveland says the quarterly results were driven by "continued strength in all of our primary markets."

You can connect to the full earnings report by clicking here.

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