Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting net income of $42.2 million in 2015, up from $30.7 million the previous year. Chief Executive Officer Todd Cleveland says the company is optimistic about the long-term growth potential in the RV industry.
The company is also reporting fourth quarter net income of $12 million, up from $7.3 million during the same period in 2014, which is a 65 percent increase.
"In response to the ongoing strength of retail RV sales, manufacturers used a well-balanced approach to produce more RVs this past year with 2015 marking the sixth consecutive annual increase in RV shipments," said Cleveland. "We believe the breadth and depth of our product offering, our goal to provide the highest level of quality customer service, and our focus on product enhancements and development, well position Patrick and our team to achieve long-term profitable growth."
Patrick’s financial results come just days after the company announced it was expanding to its first facility in Mishawaka. The $1 million investment is expected to create 84 jobs.