Patrick Industries Quarterly Profit Rises
(photo courtesy of Patrick Industries)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowElkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting second quarter net income of $53.1 million, compared to $33.7 million during the same period a year earlier. The manufacturer says results were driven by a nearly 50 percent increase in sales bolstered largely by customers in the recreational vehicle industry, which made up two-thirds of total sales.
Patrick Industries, which supplies the RV, marine, manufactured housing and industrial markets, completed the acquisition of three companies during the quarter: Dehco Inc. in Elkhart, Wisconsin-based Dowco Inc. and Tennessee-based Marine Accessories Corp. "We are pleased with our overall operating and financial results in the second quarter as our performance reflects the continued successful execution of our strategic growth plans, coupled with the ongoing positive momentum in the primary markets we serve," said Chief Executive Officer Todd Cleveland. "For the remainder of 2018, in anticipation of continued strong retail demand in all of our core markets, we remain focused on continuing to drive strong operating improvement, performance, and results."
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.