Patrick Industries reported its financial results for the fourth quarter and full year ended Dec. 31, showing Q4 net sales increased $151.7 million or 47 percent, to $475.6 million from $323.9 million in the same quarter of 2016.
The increase was attributable to industry growth, acquisitions, geographic expansion efforts, and market share gains. The company’s revenues from the RV industry, which represented 68 percent of fourth quarter 2017 sales, increased 44 percent, while RV industry wholesale unit shipments increased approximately 19 percent compared to the prior year.
Net sales for 2017 increased approximately $414 million or 34 percent, to $1.6 billion from $1.2 billion in 2016. The company’s revenues from the RV industry, which represented 69 percent of its 2017 sales, increased 28 percent, while RV industry wholesale unit shipments increased approximately 17 percent in 2017 from 2016.
Revenues from the MH industry, which represented 13 percent of fourth quarter 2017 sales, increased 30 percent from the fourth quarter of 2016, while wholesale unit shipments in the MH industry rose approximately 15 percent for the same period.
For the fourth quarter of 2017, Patrick reported operating income of $34.1 million, an increase of 54 percent or $12 million, from the $22.1 million reported in the fourth quarter of 2016. Net income in the fourth quarter of 2017 increased 114 percent to $29 million from $13.6 million in the fourth quarter of 2016.
“Momentum and discipline have remained strong in the RV industry, with double-digit quarterly wholesale unit shipment growth in each quarter of 2017 and full year shipments finishing the year at over 504,000 units,” said Andy Nemeth, president.
