Profit Ticks Up for Patrick Industries

(photo courtesy of Patrick Industries)

Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting first quarter net income of $21.2 million, up from $20.8 million during the same period last year. Chief Executive Officer Andy Nemeth says despite the impact of COVID-19, the company is encouraged by the results.

Net sales for the quarter decreased 3.1% to nearly $590 million. The company says the decrease was primarily attributable to lost shipping days and business disruption in its end markets in late March related to the COVID-19 pandemic.

“Our first quarter results reflect both the momentum and positive traction experienced across all of our end markets in the first two months of the year, followed by business disruptions caused by the unprecedented and sudden COVID-19 pandemic, as many of our customers reduced production levels and purchases of our products which impacted our operations in late March,” said Nemeth.

The company previously suspended operations at certain facilities over the last five weeks and furloughed affected employees with benefits.

Patrick says the majority of its facilities have already re-opened or are expected to resume operations by Monday.

You can view the full first quarter earnings report by clicking here.