RV Sector Drives Patrick Industries’ Revenue Rise

RVBusiness says Elkhart, Ind.-based Patrick Industries, Inc., a component supplier to the RV and MH markets, reports first quarter 2013 revenue increased 38.4 percent over the same period in 2012, moving from $102.7 million to $142.1 million in Q1 2013. Sales in the RV sector accounted for approximately 75 percent of first quarter revenue, driven by a 51 percent increase in the company’s revenue from the RV market. Manufactured homes revenue was up six percent over the first quarter of 2012. First quarter net income was $6 million, a $1 million increase over Q1 2012, a rise to $0.55 per diluted share over $0.47 per diluted share for the same period in 2012. On Feb. 22, 2013 the board of directors authorized a re-purchase of outstanding shares of common stock up to $10 million, garnering 330,358 shares as of April 19 at a cost of $4.6 million. According to the MHProNews stock report, Patrick (PATK) notched a +14.26% spike in its stock Thurs., April 25 to close at 18.22.

(Image credit: Patrick Industries, Inc.)

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