Patrick Industries, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter 2020 Highlights (all metrics compared to Fourth Quarter 2019 unless otherwise noted)
•Net sales of $772.6 million increased 41%, driven by strong demand across all market sectors
•Operating income of $62.2 million increased 73%
•Operating margin of 8.0% increased 150 basis points
•Net income of $37.8 million increased 89%
•Diluted earnings per share of $1.64 increased 91%
•Completed strategic acquisitions of Geremarie and Taco Metals, further expanding our presence within the marine industry
Full Year 2020 Highlights (all metrics compared to 2019 unless otherwise noted)
•Net sales of $2.5 billion increased 6%
•Operating income of $173.4 million increased 12%
•Operating margin of 7.0% increased 40 basis points
•Net income of $97.1 million increased 8%
•Diluted earnings per share of $4.20 increased 9%
•Seven strategic acquisitions: four in the marine market, two in the recreational vehicle market and one in the industrial markets
ELKHART, IN - February 11, 2021 - Patrick Industries, Inc. (NASDAQ: PATK), a major manufacturer and distributor of component and building products for the recreational vehicle (“RV”), marine, manufactured housing (“MH”), and industrial markets, today reported financial results for the fourth quarter and full year ended December 31, 2020.
Net sales in the fourth quarter of 2020 increased $223.1 million, or 41%, to $772.6 million from $549.5 million in the fourth quarter of 2019. The consolidated net sales increase was due to growth across all market sectors, led by the RV and marine markets.
Operating income of $62.2 million increased $26.2 million, or 73%, compared to $36.0 million in the fourth quarter of 2019. Operating margin of 8.0% in the fourth quarter of 2020 increased 150 basis points compared to 6.5% in the same period a year ago.
Net income of $37.8 million increased $17.8 million, or 89%, compared to $20.0 million in the fourth quarter of 2019. Diluted earnings per share of $1.64 for the fourth quarter of 2020 increased $0.78, or 91%, compared to $0.86 for the fourth quarter of 2019.
"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, reinforcing our view of the attractiveness and resilience of our leisure lifestyle markets," said Andy Nemeth, President and Chief Executive Officer. "The size, scale and flexibility of our operating and financial platform allowed us to execute strategically and tactically during the quarter, and leverage our fixed cost structure to drive increased profitability during this period of strong demand. We continued to accelerate capital investments in our infrastructure, including automation and
The following information was filed by Patrick Industries Inc (PATK) on Thursday, February 11, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.