Patrick Industries said Thursday that its sales for the third quarter were up 29.8 percent, largely because of a 35-percent rise in revenue from RV industry sales.
The Elkhart-based recreational-vehicle and manufactured-housing supplier reported sales of $146.6 million, up from $112.9 million a year ago. Third-quarter net income was $5.5 million, or 51 cents per share, compared with $6.6 million, or 60 cents per share, in the year-ago period, when the company had an effective tax rate of 0 percent due to a full valuation allowance against its deferred tax assets.
For the first nine months of the year, Patrick reported net sales of $448.3 million, up $117.1 million, or 35.3 percent, from the first three quarters of 2012. Revenue from the RV industry, which represented about 73 percent of total sales, increased by 44 percent. Revenue from the manufactured-housing industry, which represented 16 percent of sales, rose 12 percent.
Revenue from the industrial market increased 25 percent and benefited from improved retail fixture and residential cabinet and furniture sales. The industrial market accounted for 11 percent of the company's sales for the nine-month period.
As of the close of trading Wednesday, Patrick's stock was up 95 percent on the year, from $15.56 to $30.38.