Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting full-year net income of $89 million, compared to $119 million the previous year. Net income in the fourth quarter was $20 million, compared to $27 million during the same period a year ago.
A manufacturer and supplier for the recreational vehicle, marine and manufactured housing industries, Patrick Industries says net sales for the fourth quarter of 2019 increased $18 million, to approximately $550 million, from the same quarter of 2018.
Patrick says the increase was mostly attributed to acquisitions, market share gains and industry growth in its housing sector. The gains were offset, in part, by declines in wholesale unit shipments in the RV and marine markets.
“While our leisure lifestyle markets, comprised of RV and marine, continued to feel the impact of reductions in wholesale unit production levels to better align with retail demand, our housing and industrial markets exhibited positive momentum as we finished 2019,” said Andy Nemeth, president and chief executive officer. “We are pleased with our fourth quarter and full year performance, especially in light of the volatility experienced in all of our primary markets.”
Looking forward, Nemeth says the company intends to put its strong cash flow toward investing in additional acquisitions, strategic capital expenditures and share repurchases.
To view the full report from Patrick Industries, click here.