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RV Industry Helps Lift Patrick Industries in 2015

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A growing RV industry helped lift Patrick Industries income more than 36 percent throughout 2015.

The company reported financial results for the full year and fourth quarter last year, and benefitted from a 26 percent increase in RV-related revenue that makes up three-quarters of the company’s overall sales.

Net sales for the year increased $184.6 million, to $920.3 million from $735.7 million in the same period in 2014.

For the fourth quarter of 2015, Patrick reported operating income of $18.8 million, an increase of 60 percent, or $7.1 million in the fourth quarter of 2015.

Net income in the fourth quarter of 2015 increased 65 percent to $12.0 million from $7.3 million in the fourth quarter of 2014.

“We were pleased with our strong financial performance in the fourth quarter, which was primarily driven by strategic acquisitions, market share gains, product expansion and growth in all three of the markets we serve,” Patrick CEO Todd Cleveland said in the release. “We are optimistic about the long-term growth potential in the RV industry given favorable industry conditions and demographic trends.

To read the full report, click here.

http://phx.corporate-ir.net/phoenix.zhtml?c=93682&p=irol-newsArticle&ID=2140473

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