Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting second quarter net income of $16.7 million, up from $12.1 million during the same quarter last year. Chief Executive Officer Todd Cleveland says the 38 percent increase reflects positive momentum at the wholesale and retail levels.
Cleveland says the impact of recent acquisitions has also contributed to the company’s positive results.
"We continue to increase overall content per unit in both the RV and MH industries through acquisitions and market share gains, and our industrial team continues to expand its presence and territorial coverage," said Cleveland. "The acquisitions we have completed in 2016 have afforded us the opportunity to enter into new product spaces and to compete in new markets, expand our customer base, and bring additional value-added product offerings to our customers."
In the second quarter, Patrick Industries completed the $14 million acquisition of Mishawaka Sheet Metal LLC. The company also completed the $16.8 million acquisition of Cana Holdings Inc., also based in Elkhart.
Earlier this month, Patrick acquired Elkhart-based Vacuplast LLC in an $11 million deal.