Patrick Industries reported net sales in the fourth quarter of $1.1 billion, a 49 percent increase over the $773 million in the fourth quarter of last year.
The company said it had strong sales performance both in the RV and lifestyle markets and its household market. Net income for the quarter was $61 million, an increase of 61 percent over the $38 million in the fourth quarter of 2020.
The company said its RV sales division accounted for 59 percent of the revenue in the quarter, to $674 million.
“We are pleased with our overall performance during the fourth quarter and full year and extremely grateful for the efforts of our entire team, particularly given the supply chain challenges and labor constraints impacting businesses throughout the country,” said Andy Nemeth, CEO. “In partnership with our customers, our team members worked tirelessly to leverage our flexible operating model against the backdrop of strong demand and production levels in our leisure lifestyle and housing markets. The investments we have been making over the past 18 months, both strategically and in operating infrastructure, are resulting in positive contributions and will continue to enhance our ability to meet and exceed our customers’ needs.”
For the full year, Patrick reported net sales of $4.1 billion, a 64 percent increase over last year. The company had full year 2021 operating income of $352 million, an increase of $179 million, or 103 percent, compared to the $173 million in 2020.
“Market conditions across our platform have remained strong, with positive inventory recalibration starting to occur in the RV industry and strong backlogs in our marine, (manufactured housing) and industrial markets,” said Jeff Rodino, president. “Demographic trends point toward long-term growth with new buyers continuing to enter our markets. Our growth has been supported by ongoing implementation of best practice solutions, continuous improvement initiatives and investments in automation and capacity expansion which continue to drive our results.”