Quarterly profit grows for Patrick Industries
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Elkhart-based component manufacturer Patrick Industries Inc. is reporting first-quarter net income of $38 million, up 9% from the same period last year.
The company said strength in its recreational vehicle and manufactured housing markets offset lower demand from its marine and powersports customers.
Net sales for the quarter rose 7% to $1 billion. CEO Andy Nemeth said the ongoing investments in strategic acquisitions, automation initiatives and new product development have positioned the company well as market conditions evolve.
Heading into the second quarter, Nemeth said the company is confident it can weather the macroeconomic uncertainty caused by President Donald Trump’s tariffs and the cautionary reports on consumer sentiment they have caused.
“Our team has the experience necessary to maneuver effectively through market volatility and we believe that this period of heightened uncertainty will reinforce our value proposition to our customers and stakeholders as we continue to harness our scale and flexibility with our full solutions model to best serve our customers in any environment,” Nemeth said in a news release.
You can view the full earnings report by clicking here.