Patrick Industries Reports Bump in Profit
(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 NowThe chief executive officer of Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) says momentum in key industries is driving a profit increase. Todd Cleveland adds strategic growth efforts, which include May’s $73.5 million acquisition of Leisure Product Enterprises LLC, are contributing to a second quarter net income of $21.3 million. The manufacturer’s profit was nearly $17 million during Q2 of 2017.
Cleveland says "our innovative solutions, design capabilities, expansion efforts, and the acquisition of Leisure Product Enterprises in April 2017 have afforded us the opportunity to continue to increase our product offerings in all of our primary markets, and to further expand our presence as a key component supplier to the marine industry." Last week, Patrick Industries also announced an $11 million acquisition of another Elkhart company, Wire Design.
Net sales in the quarter jumped nearly 30 percent to $407.2 million, driven by revenue increases in the recreational vehicle, manufactured homes, industrial and marine industry segments. Patrick’s assets now total some $690 million.
Cleveland expects growth to continue, saying "we are focused on continuing to drive strong growth on both the top and bottom line, make strategic acquisitions in our existing businesses and similar markets, reinvest in our business through capital expenditures and workforce planning, and maximize efficiencies to support our long-term strategic growth initiatives."
Patrick Industries currently employs more than 6,000 at more than 80 manufacturing and distribution operations in 19 states.