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Patrick Industries Reports 44% Q1 Net Sales Increase

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Patrick Industries today reported financial results for the first quarter ended March 28, 2021. Key takeaways included the following:

Net sales in the first quarter of 2021 increased $261.3 million, or 44 percent, to $850.5 million from $589.2 million in the first quarter of 2020. The consolidated net sales increase was due to growth across all market sectors, led by the RV and marine markets.

The company said operating income of $68.5 million increased $29.2 million, or 74 percent, compared to $39.3 million in the first quarter of 2020. An operating margin of 8.1 percent in the first quarter of 2021 increased 140 basis points compared to 6.7 percent in the same period a year ago.

Net income of $47.5 million increased $26.3 million, or 124 percent, compared to $21.2 million in the first quarter of 2020. Diluted earnings per share of $2.04 for the first quarter of 2021 increased $1.13, or 124 percent, compared to $0.91 for the first quarter of 2020. First quarter 2021 net income and diluted earnings per share reflect an income tax benefit of $5.7 million and $0.24, respectively, related to the exercise and vesting of share-based payment awards.

“Momentum in our leisure lifestyle markets accelerated during the quarter, as the strength of both retail and wholesale shipments in the recreational vehicle and boating markets materially improved year over year,” said Andy Nemeth, president and CEO. “The demand for outdoor recreation remains solid, in alignment with our view of the tremendous attractiveness and potential of RV and marine markets. The size, scale and flexibility of our operating and financial platform allowed us to execute strategically and tactically during the quarter, while leveraging our fixed cost structure to drive increased profitability. We completed the acquisition of Sea-Dog in the first quarter and also focused on investments in our human capital initiatives, to enhance the well-being of, and environment for, our team members. The spirit of our team members in combination with their dedication and can-do attitude has led us forward as we strive to exceed our customers’ expectations and production objectives.”

Patrick Industries also reported that its RV division with revenue of $501.4 million increased 57 percent while wholesale RV industry unit shipments increased 48 percent.

The company’s manufactured housing division, with revenue of $120.8 million increased 8 percent, while estimated wholesale MH industry unit shipments decreased 2 percent.

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