Elkhart-based Patrick Industries today reported net income of $16.7 million, up 38 percent from the same quarter in 2015; and income per share of $1.10, up 41 percent from last year’s second quarter earnings of 78 cents per share.
Net sales for the quarter grew $81.7 million, or 35 percent, from $233.5 million a year ago to $315.2 million this year. The sales increase was primarily attributable to a 33-percent boost in the company’s revenue from the RV industry, which reflected both the incremental contribution from acquisitions and the industry’s growth.
Wholesale shipments in the manufactured housing industry grew 12 percent.
In addition to the industry’s positive momentum, “we continue to increase overall content per unit in both the RV and MH industries through acquisitions and market share gains, and our industrial team continues to expand its presence and territorial coverage,” CEO Todd Cleveland said in a company statement. “The acquisitions we have completed in 2016 have afforded us the opportunity to enter into new product spaces and to compete in new markets, expand our customer base, and bring additional value-added product offerings to our customers.”
For the first half of the year, net sales increased $136.9 million, or 30 percent, to $593.8 million. Net income was $28.7 million, up 35 percent from $21.2 million in the first six months of 2015; and per share net income increased 39 percent to $1.90 from $1.37.
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