Patrick Industries reported net sales of $1.3 billion during the first quarter, an increase of 58 percent year-over-year from the previous Q1.
The company’s net income was $113 million, an increase of 137 percent over a year ago.
The company credited the big jump in sales to “continued strong performance in our RV and marine leisure lifestyle markets as well as our (manufactured housing) and industrial end markets, market share gains, and the impact of acquisitions completed in 2021.”
“We are pleased with our first quarter performance as our team continued to execute on driving efficiencies with improved scheduling and more consistent material procurement on the back of strong production levels across all of our end markets,” said CEO Andy Nemeth. “Although supply chain visibility remains challenging with certain products, the dedication our team put forth over the past twelve months to coordinate our efforts across our brands and operations and provide better procurement stability are taking hold to drive improved service and reliability for our customers.”
Added Jeff Rodino, president: “In March, we welcomed Rockford Corporation and the Rockford Fosgate brand into the Patrick family, which represents our strategic expansion of our platform to the powersports market and related aftermarket. Additionally, during the quarter, we achieved substantial rewards from our investment of over $100 million in capital expenditures over the last 21 months, as our automation and technology initiatives are helping us best leverage our labor resources, thus improving our gross and operating margins.”
The RV market accounted for 61 percent of the company’s revenue in Q1. It said that content per wholesale RV unit increased 33 percent, to an average of $4,370.
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