Patrick Industries reported Q4 and full-year earnings on Thursday, and the RV industry supplier said it had net sales in the fourth quarter of $772.6 million, an increase of 41 percent over the same quarter a year ago. The company said the net sales increase was due to growth across all market sectors, led by the RV and marine markets.
The company’s net income was $37.8 million, an increase of 89 percent compared to the fourth quarter of 2019.
“Momentum and tailwinds supporting both retail and wholesale shipments in the recreational vehicle and boating markets remained strong through the fourth quarter as outdoor recreation has seen significant growth in popularity during the COVID-19 pandemic, reinforcing our view of the attractiveness and resilience of our leisure lifestyle markets,” said Andy Nemeth, president and CEO. “The size, scale and flexibility of our operating and financial platform allowed us to execute strategically and tactically during the quarter, and leverage our fixed cost structure to drive increased profitability during this period of strong demand. We continued to accelerate capital investments in our infrastructure, including automation and capacity expansion, which will allow us to flex our operations in this dynamic environment, and we reinforced our investments in human capital initiatives to develop, retain and enhance the well-being of our team members. We further expanded our product offerings and presence in the marine OEM market and aftermarket with the acquisitions of Geremarie and its state-of-the-art, highly automated operations as well as the innovative and creative TACO Metals in the fourth quarter of 2020.”
For the full year, the company had $2.5 billion in net sales, 6 percent increase over the previous year, despite the disruption which started in the first quarter and continued into the second. The company was forced to shut down operations at certain facilities from March into early May because many of its OEM customers had to shut down because of COVID-19.
The company reported net income for the entire year of $97.1 million, an increase of 8 percent from the previous year.
