Net sales for Patrick Industries in the first quarter of 2016 increased $55.2 million or 25 percent, to $278.6 million from $223.4 million in the same quarter of 2015.
The increase was primarily attributable to a 25 percent increase in the company’s revenue from the RV industry, which reflected the incremental contribution from acquisitions completed in 2015 and in 2016, and industry growth.
Sales to the RV industry represented 78 percent of the company’s first quarter 2016 sales. Revenue from the manufactured housing industry, which represented 11 percent of the company’s first quarter 2016 sales, increased 23 percent.
The company estimates that wholesale unit shipments in the manufactured housing industry rose about 18 percent from the first quarter of 2015.
Additionally, sales to the industrial markets increased 29 percent quarter over quarter. The industrial market sector, which is primarily tied to the residential housing and commercial and retail fixtures markets, accounted for 11 percent of the Patrick’s first quarter 2016 sales.
For the first quarter of 2016, Patrick reported operating income of $20.6 million, an increase of 32 percent, or $5 million, from the $15.6 million reported in the first quarter of 2015.
Net income in the first quarter of 2016 increased 32 percent to $12 million from $9.2 million in the first quarter of 2015.
Patrick’s RV content per unit (on a trailing 12-month basis) for the first quarter of 2016 increased approximately 17 percent to $1,905 from $1,629 for the first quarter of 2015.
The MH content per unit (on a trailing 12-month basis) for the first quarter of 2016 increased approximately 5 percent to an estimated $1,808 from $1,718 for the first quarter of 2015.
“Our first quarter results reflect the continued execution of our operating strategy to leverage our cost structure, coupled with growth in all three markets we serve,” Chief Executive Officer Todd Cleveland said. “Overall, dealer and OEM sentiment in the RV industry remains positive, evidenced by a strong start to retail sales in the first two months of 2016 per industry sources.”