Patrick Industries Reports Record Q4 Financials
Riding strong demand from the marine and recreational vehicle markets, components manufacturer Patrick Industries announced record earnings for its 2021 fourth quarter.
Net sales for the quarter increased year-over-year by 49 percent to $1.1 billion, while operating income increased by $33 million to $95 million. The company reported an operating margin of 8.3 percent in the quarter, an increase of 30 basis points compared with the fourth quarter of 2020.
“Market conditions across our platform have remained strong, with positive inventory recalibration starting to occur in the RV industry and strong backlogs in our marine, MH and industrial markets,” CEO Jeff Rodino said in a statement. “Demographic trends point toward long-term growth, with new buyers continuing to enter our markets. Our growth has been supported by ongoing implementation of best-practice solutions, continuous improvement initiatives, and investments in automation and capacity expansion, which continue to drive our results.”
Patrick Industries manufactures a variety of RV and marine products and is the parent of such companies as Sea-Dog Line, TACO Marine, SeaDek Marine Products, Marine Concepts and Wet Sounds.
