Patrick Industries said in a statement that net sales for the fourth quarter of 2020 rose to $776.2 million, a 41 percent increase compared with the same quarter of 2019. Net income increased 89 percent to $38.7 million.
The Elkhart, Ind.-based manufacturer and distributor said the increases were due to growth across all market sectors, led by the RV and marine.
Patrick also reported fourth quarter diluted earnings per share of $1.64 — an increase of $0.78, or 91 percent, compared with the same quarter in 2019.
“The continued surge of new buyers into the outdoor recreation space has created tremendous opportunities for the RV and marine industries to provide new products and experiences to consumers, further improving the long-term outlook of our leisure lifestyle markets,” president and CEO Andy Nemeth said in the statement.
After facing pandemic-related shutdowns and supply-chain disruptions in the first and second quarters, Patrick had net sales of $2.5 billion for the year, a 6 percent ($149.5 million) increase from 2019.
Net income increased 8 percent to $97.1 million. Diluted earnings per share of $4.20 were an increase of 9 percent, compared with $3.85 year over year.
The company also completed acquisitions of Geremarie, Taco Metals and Inland Plywood, which helped to increase profitability.
“Momentum and tailwinds supporting both retail and wholesale shipments in the recreational vehicle and boating markets remained strong through the fourth quarter, as outdoor recreation has seen significant growth in popularity during the Covid-19 pandemic,” Nemeth said.