Inside INdiana Business

Patrick Industries reports growth in third quarter

(photo courtesy of Patrick Industries)

ELKHART, Ind. (Inside INdiana Business) — Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) is reporting third quarter net income of $57.4 million, a 54% increase over the $37.3 million from the same period a year ago. The components manufacturer for the RV, marine and manufactured housing industries says net sales surged past $1 billion during Q3, compared to $700 million a year prior.

“Retail demand for leisure lifestyle products remains high and has resulted in decreasing dealer inventories and increasing OEM backlogs despite record industry production levels,” said Patrick Industries Chief Executive Officer Andy Nemeth. “At the same time, our sales to the housing and industrial markets continue to benefit from low dealer inventories, attractive financing rates and robust home improvement and remodel activity.”

During the quarter, the company completed its acquisition of Pittsburgh-based Tumac Covers, a manufacturer of custom boat covers, canvas frames and other marine products.

In August, it also completed the acquisition of Coyote Manufacturing Co., which produces steel and aluminum products in Georgia.

Read the full earnings report by clicking here.