Patrick Industries has reported its financial results for the second quarter and six months ended July 1.
Net sales for the second quarter of 2018 increased $197.8 million, or 49 percent, to $605 million from $407 million in the same quarter of 2017. 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 65 percent of second quarter 2018 sales, increased 41 percent. RV industry wholesale unit shipments decreased approximately 1 percent in the second quarter of 2018 compared to the second quarter of 2017 which had the highest second quarter wholesale unit shipments level on record.
Revenues from the marine industry represented 11 percent of the company’s second quarter 2018 sales and increased 137 percent over the second quarter of 2017. Revenues from the MH industry, which represented 12 percent of second quarter 2018 sales, increased 36 percent compared to the prior year period with an increase in MH wholesale unit shipments, as estimated by the company, of approximately 12 percent from the second quarter of 2017.
For the second quarter of 2018, Patrick reported operating income of $53 million, an increase of 57 percent or $19.4 million, from $33.7 million reported in the second quarter of 2017. Net income in the second quarter of 2018 increased 64 percent to $35 million from $21.3 million in the second quarter of 2017.
“We are pleased with our overall operating and financial results in the second quarter as our performance reflects the continued successful execution of our strategic growth plans, coupled with the ongoing positive momentum in the primary markets we serve,” said Todd Cleveland, chairman and CEO. “During the second quarter of 2018, we completed three strategic acquisitions – Dehco in April, Dowco in May, and Marine Accessories in June. In addition, we expanded our credit facility in June 2018 to continue to support our long-term strategic growth plan.”
Net sales for the first six months of 2018 increased $404 million, or 54 percent, to $1.1 billion from $752.6 million in the same period of 2017. For the first six months of 2018, the company’s revenues from the RV industry, which represented 67 percent of its six months 2018 sales, increased 46 percent.
RV industry wholesale unit shipments increased approximately 6 percent in the first six months of 2018 compared to the previous year.