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Patrick Reports Solid Third-Quarter Gains

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Patrick Industries, a manufacturer and distributor of building and component products for the RV, manufactured housing and industrial markets, Thursday reported its financial results for the third quarter and nine months ended Sept. 27.  

Net sales for the third quarter of 2015 increased $26.7 million or 14 percent, to $214.8 million from $188.1 million in the same quarter of 2014. The increase was primarily attributable to a 13 percent increase in the company’s revenue from the RV industry.

Sales to the RV industry represented 72 percent of the Elkhart, Ind.-based company’s third quarter sales. 

Additionally, sales to the manufactured housing industry increased 14 percent and sales to the industrial markets increased 26 percent, quarter over quarter. 

For the third quarter of 2015, Patrick reported operating income of $15.2 million, an increase of 22 percent, or $2.7 million, from the $12.5 million reported in the third quarter of 2014. Net income in the third quarter of 2015 increased 24 percent to $9 million from $7.3 million in the third quarter of 2014, while net income per diluted share increased 29 percent to $0.58 from $0.45. 

“In the third quarter, which represents the start to the primary dealer show season in the RV industry, we witnessed the continuing trend of increased prototypes, pattern changes, and new product innovation requests, in addition to an increase in the entrance of younger consumers into the buying channel,” said Todd Cleveland, president and CEO. “Our strong third quarter financial performance reflected the contributions and commitment of our more than 3,800 team members in our ongoing efforts to better serve our customer base with new and innovative high-quality product lines and provide exceptional customer service. We continue to increase overall content per unit in both the RV and MH industries through acquisitions and market share gains, and our industrial team continues to gain market penetration, particularly in the retail fixture and commercial furnishings segments.”

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