Patrick Industries, Inc. Reports Second Quarter and Six Months 2018 Financial Results
ELKHART, IN - July 26, 2018 - 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 its financial results for the second quarter and six months ended July 1, 2018.
Second Quarter 2018 Financial Results
Net sales for the second quarter of 2018 increased $197.8 million or 49%, to $604.9 million from $407.1 million in the same quarter of 2017. The increase was attributable to industry growth, acquisitions, geographic expansion efforts, and market share gains. The Company's revenues from the RV industry, which represented 65% of second quarter 2018 sales, increased 41%. RV industry wholesale unit shipments decreased approximately 1% in the second quarter of 2018 compared to the second quarter of 2017 which had the highest second quarter wholesale unit shipments level on record. Revenues from the marine industry represented 11% of the Company's second quarter 2018 sales and increased 137% over the second quarter of 2017. Revenues from the MH industry, which represented 12% of second quarter 2018 sales, increased 36% compared to the prior year period with an increase in MH wholesale unit shipments, as estimated by the Company, of approximately 12% from the second quarter of 2017. Revenues from the industrial market, which accounted for 12% of the Company's second quarter 2018 sales, and is tied primarily to residential housing, commercial construction, and institutional furniture markets, increased 58%. New housing starts increased approximately 8% in the second quarter of 2018 compared to the prior year.
For the second quarter of 2018, Patrick reported operating income of $53.1 million, an increase of 57% or $19.4 million, from $33.7 million reported in the second quarter of 2017. Net income in the second quarter of 2018 increased 64% to $34.9 million from $21.3 million in the second quarter of 2017, and net income per diluted share increased 67% to $1.42 from $0.85.
Todd Cleveland, Chairman and Chief Executive Officer, said, "We are pleased with our overall operating and financial results in the second quarter as our performance reflects the continued successful execution of our strategic growth plans, coupled with the ongoing positive momentum in the primary markets we serve. During the second quarter of 2018, we completed three strategic acquisitions - Dehco in April, Dowco in May, and Marine Accessories in June. In addition, we expanded our credit facility in June 2018 to continue to support our long-term strategic growth plan."
"RV and marine retail shipments remain strong, supported by solid fundamentals and demographic trends with new buyers continuing to enter the market, attracted to the outdoor, leisure family-oriented lifestyle," stated Andy Nemeth, President. "Our housing and industrial markets also continue to experience growth driven by strong demographic trends, improving consumer credit, the strengthening economy and jobs environment, and overall consumer confidence."
Six Months 2018 Financial Results
Net sales for the first six months of 2018 increased $404.1 million or 54%, to $1,156.7 million from $752.6 million in the same period of 2017. For the first six months of 2018, the Company's revenues from the RV industry, which represented 67% of its six months 2018 sales, increased 46%. RV industry wholesale unit shipments increased
The following information was filed by Patrick Industries Inc (PATK) on Thursday, July 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.