RV Performance Pushes Patrick to Gains in 1Q
Elkhart, Ind.-based Patrick Industries Inc., a leading manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, today reported its financial results for the first quarter ended March 30, 2014.
First quarter net income was $6.9 million, or 64 cents per diluted share, compared to net income of $6 million, or 55 cents per diluted share, in the first quarter of 2013.
Sales during the period increased $28 million, or 19.7%, to $170.1 million from $142.1 million in the same quarter last year. The increase was primarily attributable to a 21% increase in revenue from the RV industry, which represented approximately 76% of the company’s first quarter 2014 sales. Sales to the MH industry increased 12%, while sales to the industrial markets increased 24%.
“We are pleased with our revenues and our operating income performance in the first quarter of 2014. The severe winter weather we experienced in the Midwest in early 2014 did cause some additional costs related to production, scheduling, and delivery inefficiencies, but the impact was not significant to our overall operating results in the first quarter,” said Todd Cleveland, president and CEO. ”We did see a continuing seasonal sales pickup each month consistent with our expectations and general positive industry sentiment, and we continue to believe that all three of the primary markets we serve are well positioned for further growth in 2014.”
Patrick’s RV content per unit for the first quarter of 2014 increased approximately 20% to an estimated $1,373 from $1,142 a year ago. The MH content per unit for the first quarter of 2014 increased approximately 2% to an estimated $1,605 from $1,580 for the same period in 2013.
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