Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting third-quarter net income of $37.3 million, compared to $21.3 million during the same period a year ago.
The company says Q3 net sales increased 24% year over year.
The Elkhart County manufacturer produces and distributes components and building products for the recreational vehicle, manufactured home, and marine industries.
Patrick Industries says its leisure lifestyle markets continued to rebound in the third quarter from the economic challenges associated with the COVID-19 pandemic.
“Our leisure lifestyle markets continued to rebound in the third quarter with a continuation of positive secular trends and tailwinds in on-the-road domestic travel and outdoor activities,” said Andy Nemeth, president and chief executive officer.
The company suspended operations at certain facilities from late March to early May in response to the pandemic. But it has since seen a recovery in its production levels.
Nemeth says the pandemic has created a growing market for its lifestyle markets, including parts for RV and boating manufacturers.
“Outdoor recreation has and continues to see, a significant increase in popularity as a result of the COVID-19 environment,” said Nemeth. “Our leisure lifestyle markets–RV and marine–provide ideal outlets for multiple generations of friends and family to spend quality time together in both the COVID-19 and post COVID-19 environment.”
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