Patrick Industries, Inc., a component supplier to the manufactured housing (MH) and recreational vehicle (RV) industries, reported a 35 percent increase in net sales for Q2 2016 over the same period of 2015, $233.5 million to $315.2 million.
While the increase was mostly attributable to a 33% rise in the company’s revenue from the RV industry, revenue from the MH industry, which represented 13% of the Company’s second quarter 2016 sales, increased 26%. Patrick reports that wholesale unit shipments in the MH industry rose approximately 12% over the second quarter of 2015.
Patrick’s net operating income in Q2 2016 hit $28 million, an increase of $7.6 million, or 37 percent, over the $20.4 million posted for the same period of 2015. Net income increased 38% to $16.7 million in Q2 2016, over the $12.1 million in the second quarter, 2015. Net income, per diluted share, increased 41% to $1.10 from $0.78.
Todd Cleveland, CEO, said the company is increasing content per unit in both the MH and the RV industries, in part through acquisitions of other companies and market share gains, as prnewswire informs MHProNews.
President Andy Nemeth said, “Wholesale unit shipment growth in the MH industry is outpacing new housing starts growth, indicating continued positive momentum and increasing demand. Our industrial revenues increased significantly as we continue to position our industrial sales team to target regional territories and penetrate new markets.”
Meanwhile, new housing starts in the second quarter of 2016 rose only one percent over a year ago. ##
(Image credit:Patrick Industries, Inc.)
Article submitted by Matthew J Silver to Daily Business News-MHProNews.