Patrick Industries Reports Q1 Growth
Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $112.7 million, a 137% increase over the same period last year. Chief Executive Officer Andy Nemeth attributes the results to improved scheduling and more consistent material procurement, as well as strong production levels across all end markets.
“Although supply chain visibility remains challenging with certain products, the dedication our team put forth over the past twelve months to coordinate our efforts across our brands and operations and provide better procurement stability are taking hold to drive improved service and reliability for our customers,” said Nemeth.
In March, the company completed its acquisition of Arizona-based Rockford Corp. and the Rockford Fosgate brand. Rockford designs and distributes audio systems and components for the powersports, marine, and automotive industries.
“In March, we welcomed Rockford Corporation and the Rockford Fosgate brand into the Patrick family, which represents our strategic expansion of our platform to the powersports market and related aftermarket,” said President Jeff Rodino. “Additionally during the quarter, we achieved substantial rewards from our investment of over $100 million in capital expenditures over the last 21 months, as our automation and technology initiatives are helping us best leverage our labor resources, thus improving our gross and operating margins.”
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