Patrick Industries profits rise in 1Q
ELKHART — Patrick Industries saw $142.1 million in net sales for the first quarter, a 38.4 percent rise from the first quarter of 2012, the company reported Thursday, April 25.
Roughly three-quarters of the sales for the quarter were to the RV industry, a boost of 51 percent in terms of the company’s revenue from supplying the recreational vehicle industry. Patrick also supplies the manufactured housing industry
Todd Cleveland, president and chief executive officer, said, “We are pleased with our first quarter revenues which were bolstered by a strong start to the year in the RV industry and positive indicators in the industrial markets. Both the RV and industrial markets look to continue their growth into the second quarter which we believe will also include a seasonal pickup in MH shipments. Our team is highly motivated to meet and exceed our customers’ expectations as business conditions continue to improve.”
Patrick had $6 million in net income, or 55 cents per diluted share, up $1 million from the same quarter last year, even with an effective tax rate of 0 percent for the first quarter of 2012 and 39 percent for the first quarter of 2013.
The company has repurchased $4.6 million worth of shares, or 330,358 shares, under a program authorized by the board on Feb. 22 calling for purchase of up to $10 million through next February.
”We continue to focus on leveraging our operating position to drive profitability with increased revenues and hold ourselves and our team members accountable to the high standards that we have set internally as an organization,” Cleveland said.