Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $47.5 million, compared to $21.2 million during the same period last year. Chief Executive Officer Andy Nemeth says the results were driven by continued momentum in retail and wholesale shipments in the recreational vehicle and boating markets.
Nemeth says the demand for outdoor recreation remains “solid.”
“The size, scale and flexibility of our operating and financial platform allowed us to execute strategically and tactically during the quarter, while leveraging our fixed cost structure to drive increased profitability,” said Nemeth. “We completed the acquisition of Sea-Dog in the first quarter and also focused on investments in our human capital initiatives, to enhance the well-being of, and environment for, our team members.”
Net sales in the first quarter were $850.5 million, up from $589.2 million during the same period last year. The manufacturer says the increase was due to growth across all market sectors, led by the RV and marine markets.
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