Patrick Industries Profit Grows in Q1

Patrick CEO Todd Cleveland says Patrick's marine platform now represents more than $125 million in annual revenue.

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $17.5 million, up from $13 million during the same period the previous year. Chief Executive Officer Todd Cleveland says the company remains optimistic about opportunities to continue its growth.

Cleveland says recreational vehicle manufacturer and dealer sentiment remains positive heading into the second quarter and the company’s manufactured housing and industrial businesses are outperforming their respective markets. 

"We have made investments in leadership talent, engagement and retention, capital equipment and facilities that are focused on strategically and structurally positioning ourselves with the foundation for the next phase of the Company’s growth model," said Cleveland. "As we look toward the rest of the year, we expect to continue to put capital to use and make targeted capital investments to support our new business initiatives and maintain our balanced approach to leveraging our operating platform with the goal of broadening our sales and innovation efforts, introducing new products and product line extensions, and executing on our organic and acquisition-related objectives."

During the first quarter, Patrick completed its $10 million acquisition of Elkhart-based Medallion Plastics. Patrick President Andy Nemeth says the company plans to pursue other acquisitions, expansions and capital expenditures going forward.