Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $12 million, up from $9.2 million during the same period last year. The company also says net sales were up 25 percent for the quarter
Chief Executive Officer Todd Cleveland says the results reflect the continued execution of the company’s operating strategy and growth in the markets the company serves.
"Overall, dealer and OEM sentiment in the RV industry remains positive, evidenced by a strong start to retail sales in the first two months of 2016 per industry sources," said Cleveland. "The MH industry is gaining strength as expected, and both our MH and industrial businesses continue to outperform their respective markets."
President Andy Nemeth says the company’s industrial revenues increased significantly in the first quarter as well.
The company announced during the first quarter it is expanding to its first Mishawaka location. Cleveland added the company’s recent acquisitions of The Progressive Group and Parkland Plastics Inc. will allow the company to diversify its product offerings into new markets.