Patrick Industries Quarterly Profit Dips

(photo courtesy of Patrick Industries)

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $20.8 million, compared to $30.1 million during the same period last year. The manufacturer says the drop is primarily from wholesale unit shipment declines in RV and manufactured housing markets and carrying higher priced inventory in a declining pricing environment with softer than expected production levels.

"As we head into the second quarter and beyond, we remain optimistic about the opportunities to leverage our operating model and resources to strategically and organically grow the business, capture additional market share, bring new products to market, geographically expand our brand presence, execute on synergies, and drive efficiencies across the organization," said Chief Executive Officer Todd Cleveland, in a news release. "Our tremendous talent across the organization, strong cash flows, and our business model and operating platform provide a solid foundation for us to effectively execute in a dynamic market environment, while staying focused on our long-term strategic initiatives and driving overall shareholder value."

The company employs more than 7,000 at facilities throughout the U.S., China and The Netherlands. You can connect to more about the most recent earnings report by clicking here.