Distributor of building and component supplies to the manufactured housing (MH) and recreational vehicle (RV) industries, Patrick Industries, Inc. (NYSE:PATK) reports for Q1 2015 net sales increased $53.5 million, 31.3 percent, to $223.4 million from $170.1 million for the same period of 2014.
Sales to the MH industry rose 18 percent, representing 12 percent of total sales, which was a total increase of 11 percent over the same period in 2014, as seekingalpha informs MHProNews. Revenue from the RV industry accounted for 35 percent of the increase in sales, which represented 78 percent of the company’s sales.
Operating income in the first quarter of 2015 rose 32.3 percent from $11.8 million in Q1 2014 to $15.6 million in the first quarter of 2015. Net income rose 32.7 percent in the first quarter of 2015 to $9.2 million from $6.9 million in Q1 2014. Net income per diluted share increased from $0.64 in Q1 2014 to $0.89 in the comparable period of 2015. Total assets rose $67.7 million to $323.3 million during the first quarter.
On April 27, 2015 the board of directors declared a 3-for-2 stock split effective for shareholders of record as of May 15, 2015. Also, the company has announced its credit facility has been expanded to $250 million. ##
(Image credit: Patrick Industries, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.