RV and marine supplier Patrick Industries reported net sales in the second quarter of $1.2 billion, driven by continued growth in the leisure lifestyle and in housing, the company said.
That’s a net sales increase of $596 million, or 141 percent, over the same quarter a year ago.
The company’s net income was $59 million, compared to $0.7 million in the second quarter of 2020. Diluted earnings per share was $2.52 for the second quarter of 2021, compared to $0.03 for the second quarter of 2020.
Sales in the second quarter of 2020 were affected by the shutdowns related to the COVID-19 pandemic.
“Strong trends in both retail and wholesale market conditions in all four of our primary markets contributed to our growth in the second quarter of 2021 over last year, and sequentially compared to the first quarter of 2021 as leisure outdoor activities and housing and home improvement activities continued to improve,” said CEO Andy Nemeth. “Our team members across our platform have executed in incredibly dynamic market conditions, allowing us to maximize the capabilities of our manufacturing and distribution footprint and leverage our fixed cost structure. Additionally, we continued the strategic expansion of our product portfolio in the quarter through our acquisition of Alpha Systems with its suite of RV, marine and MH solutions and the further extension of our growing marine footprint through our acquisition of SeaDek and its industry-leading branded solutions and products.”
In the company’s RV segment, which makes up 58 percent of its revenue, it had $594.4 million in revenue, which was an increase of 192 percent.
Wholesale RV industry unit shipments increased 101 percent year-over-year, and Patrick’s content per wholesale RV unit, on a trailing 12-month basis, increased 15 percent to $3,543.
“Historically, lean dealer inventories, strong retail demand and substantial OEM and builder backlogs continue to position our end markets for growth into the second half of 2021 and through 2022,” said Nemeth. “Our proactive investments in systems, infrastructure and our people, in combination with our liquidity and disciplined capital allocation strategy, are expected to continue to enhance and reinforce our solid operating model and foundation.”
