Acquisitions Drive Strong Quarter For Patrick

Posted: Updated:
ELKHART -

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $30.1 million, up from $17.5 million during the same period last year. Chief Executive Officer Todd Cleveland says ongoing momentum in the company's primary markets and multiple acquisitions helped drive the strong results.

Cleveland says the company's investments in production efficiency improvements, targeted geographic and product expansions, employee talent and retention initiatives and strategic acquisitions are generating their expected returns. Patrick completed four acquisitions in the first quarter, including Metal Moulding Corp. in Tennessee, Aluminum Metals Co. LLC in Elkhart, Indiana Marine Products in Angola, and Collins & Co. in Bristol. 

"In anticipation of continued growth in 2018 and beyond in all four of our end markets, we are optimistic about the opportunities to drive our business and execute on our strategic growth plan, gain market share, expand operations in targeted regional territories, and drive shareholder value," said Cleveland. "We expect to continue to make targeted capital investments to support our new business initiatives and maintain our balanced approach to leveraging our operating platform, introduce new products and product line extensions, and execute on our organic and acquisition-related objectives."

Patrick Industries manufactures component products and distributes building products and materials for the recreational vehicle, manufactured housing and other industrial markets. You can view the full first quarter earnings report by clicking here.

  • Perspectives

    • Three Ways to Stand Out In a Competitive Hospitality Market

      For many business leaders in the Indianapolis area, it can be difficult to differentiate your brand from competitors. Indianapolis is booming, and we're in an era where consumers have access to countless choices! That's why it's more important than ever for brands to provide consumers with compelling reasons to spend their hard-earned money on their product or services.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Walmart Details Crawfordsville Layoffs

      Walmart Inc. (NYSE: WMT) is reducing workforce at the Walmart Optical Lab in Crawfordsville. In a notice to the state, the company said 108 employees will be out of work by the end of September. A corporate spokeswoman told Inside INdiana Business the decision was a response to "changing business needs." She added "we are making adjustments at our Walmart Optical Labs in Crawfordsville to help ensure we have the right people in the right place at the right time."

    • Brown County Aims to 'Buck' Rural Flight

      The Maple Leaf Performing Arts Center isn't the only big ticket project making progress in Nashville. Town Manager Scott Rudd says some $40 million in projects designed to the boost the quality of life for locals and visitors alike are in the works in the tourism-focused community. The owners of Big Woods and Quaff On breweries are just days away from the grand opening of the multi-million-dollar Hard Truth Hills attraction in Brown County, which covers 325 acres and includes...

    • Officials broke ground on the project more than two years ago.

      Steel Producer to Open Shelbyville Plant

      Governor Eric Holcomb will Wednesday join executives from Nippon Steel & Sumikin Cold Heading Wire Indiana Inc. to cut the ribbon on the company's 150,000-square-foot facility in Shelbyville. The $50 million project is expected to create up to 70 jobs by 2021.

    • Schellinger says, since 2014, aerospace firms have announced more than $900 million in Indiana investment.

      Hoosier Aero Strength on Display in UK

      For the fourth straight year, Indiana has a delegation at one of the largest aerospace events in the world. Secretary of Commerce Jim Schellinger says attending the Farnborough Air Show in the United Kingdom connects the state to global leaders in aerospace, defense and aviation. He says the growing industries are targets for Indiana in part because those jobs pay well above Indiana's average wage. Schellinger is also meeting with several UK companies this week before traveling to...

    • Tech Apprenticeship Company Scores $4.2M

      Kenzie Academy Inc., a technology industry apprenticeship program that has its first campus in Indianapolis, has received a $4.2 million seed round of funding. The company uses what it calls a "college-alternative" model that involves a year of immersive learning and a year of paid work at its consulting subsidiary, Kenzie Studio. Kenzie Academy says the investment, led by New York-based ReThink Education and supported by...