Acquisitions Drive Strong Quarter For Patrick
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.