Patrick Industries remains bullish on boating

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Patrick Industries today reported sales of $575.1 million for its third quarter, up 41 percent compared to the same period a year ago. Net income was $27.9 million for the quarter, up 57 percent compared last year.

The company said its marine sales, representing 14 percent of companywide sales for the quarter, were up 137 percent over the same period a year ago.

“During the third quarter, we completed the acquisition of Engineered Metals and Composites, another marine component supplier, marking our eighth acquisition overall this year,” Todd Cleveland, chairman and CEO, said in a statement.

The company said marine sales for the first nine months of the year increased 153 percent compared to the prior year. Its “marine content per retail unit” (on a trailing 12-month basis) for the third quarter was up approximately 152 percent to an estimated $1,058 compared to $420 for the third quarter of 2017.

"We continue to have a favorable outlook on all of our primary end-markets based on strong fundamentals and solid retail demand," Cleveland said. "As we look ahead to the remainder of 2018 and into 2019, we believe in the ongoing appeal of the outdoor, leisure family-oriented lifestyle that continues to attract new consumers and repeat buyers in both the RV and marine markets.”

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