Acquisitions Drive Strong Year For Patrick
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting full-year net income of $55.6 million in 2016, up from $42.2 million the previous year. President Andy Nemeth says net sales exceeded $1.2 billion for the RV manufacturer.
The company says its success is due, in part, to acquisitions made during 2016. Among the acquisitions were The Progressive Group, Cana Holdings Inc., Mishawaka Sheet Metal LLC, and Tennessee-based BH Electronics Inc.
"We were able to successfully integrate the acquisition of eight companies during the year, make strategic investments into our manufacturing facilities, and expand our geographic footprint in line with key customer capacity expansions, all in alignment with our strategic plan," said Nemeth. "Consumer optimism and confidence are strong and are aligned with our expectations as we seek to position the Company to aggressively continue to execute on our initiatives and maximize the potential of the markets we serve."
Patrick Industries is also reporting fourth quarter net income of $13.6 million, up from $12 million during the same period in 2015. Chief Executive Officer Todd Cleveland says the company is "well-positioned to run parallel with our customers as they expand their operations in anticipation of continued expected growth into 2017."