Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting second quarter net income of $59 million, up from $0.7 million during the same period last year. Chief Executive Officer Andy Nemeth says the results were driven by strong trends in both retail and wholesale conditions in all four of its primary markets.
“Our team members across our platform have executed in incredibly dynamic market conditions, allowing us to maximize the capabilities of our manufacturing and distribution footprint and leverage our fixed cost structure,” said Nemeth. “Additionally, we continued the strategic expansion of our product portfolio in the quarter through our acquisition of Alpha Systems with its suite of RV, marine, and MH solutions and the further extension of our growing marine footprint through our acquisition of SeaDek and its industry-leading branded solutions and products.”
President Jeff Rodino said the imbalance of low dealer inventory levels in each of its end markets against strong retail demand has pushed out the start of the channel restocking cycle.
“We continue to focus on meeting the needs of our customers and aligning our culture for the long-term as we evaluate the many opportunities in front of us to further drive growth and value both strategically and organically,” said Rodino. “Industry-wide material supply chain challenges have continued, and we have been impressed by the creativity, flexibility, and innovative thought process of our customers and team members as they continue to work in partnership to address these challenges.”
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