Patrick Industries announces record revenues for 2013
Elkhart-based Patrick Industries Inc. garnered record-high revenues in 2013 and in the year's fourth quarter, the company has announced.
Fourth quarter sales increased $40.5 million, or 38.1 percent, to $146.6 million from $106.1 million in the same quarter of 2012. The increase was primarily attributable to a 43 percent rise in its revenue from the recreational vehicle industry, which represented about 71 percent of the company's fourth quarter sales.
Sales to the manufactured housing industry rose 13 percent, while sales to industrial markets increased 57 percent.
The company estimates that about 60 percent of its industrial market sales are linked to the residential housing sector and its sales generally lag new housing starts by six to nine months. Housing starts were up about 13 percent from 2012's fourth quarter.
Net sales for the year increased $157.5 million, or 36 percent, to $594.9 million from $437.4 million in 2012. For the full year, the company's revenue from sales to the RV industry rose 44 percent.
Patrick Industries makes cabinetry for the RV, manufactured housing, residential housing and commercial/institutional markets. It employs about 2,200 in northern Indiana and another 300 throughout the United States.