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Patrick Reports Strong Q3

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Elkhart, Ind.-based manufacturer and distributor Patrick Industries reported a $359 million gain in net sales for its third quarter, posting a 51 percent increase to $1.1 billion.

The company said net income increased 54 percent to $57.4 million, compared with the third quarter a year prior. Diluted earnings per share was $2.45, a 51 percent increase compared with $1.62 last year.

Patrick’s recreational vehicle division accounted for 60 percent of revenue, with net sales of $633.2 million, a 50 percent increase. The company said wholesale RV unit shipments increased 23 percent.

Sixteen percent of revenue was attributed to the marine division, with sales increasing 85 percent to $173 million. Wholesale shipments showed a 15 percent gain.

Acquisitions in the third quarter came in at $43.5 million, including the additions of Coyote Manufacturing and Tumacs Covers, which serve the marine OEM and dealer markets.

Chief executive officer Andy Nemeth said the Patrick team was able to handle supply chain issues, with positive results.

“The talent, resilience and creative initiatives of our team members, in combination with the partnership of our customers, helped us to successfully navigate an incredibly complex and dynamic supply chain environment,” Nemeth said. “Retail demand for leisure lifestyle products remains high and has resulted in decreasing dealer inventories and increasing OEM backlogs, despite record industry production levels.”

Nemeth hinted that the supply chain issues will continue for the foreseeable future.

“Retail and wholesale demand patterns and projections continue to point toward an extension of the RV, marine and MH dealer inventory replenishment cycle, and the resulting OEM production requirements, well into 2022 and likely into 2023,” he said.

“Additionally, ongoing supply chain initiatives, supported by our strong liquidity and investments in technology, systems and human capital, will continue to provide the opportunity to serve our customers as they flex their production models and work to replenish heavily depleted dealer lots and reduce record backlogs,” Nemeth added.

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