ELKHART, Ind. (Within INdiana Business) – Patrick Industries Inc. (Nasdaq: PATK) reports full year and fourth quarter earnings reflecting continued recovery from a COVID-related slowdown.
Headquartered in Elkhart County, the company reported net income of $ 37.8 million for the fourth quarter, compared to $ 20 million for the same period last year. Net income for the full year was $ 97.1 million compared to $ 89.6 million a year ago.
The company is a manufacturer and distributor of component and construction products for the leisure vehicle, ship, prefabricated house and industrial market.
From late March to early May, Patrick Industries shut down certain plants because certain OEM customers stopped production due to the COVID-19 pandemic. However, the company bounced back later in the year, particularly in the outdoor recreational space.
“The momentum and tailwinds supporting both retail and wholesale shipments in the recreational vehicle and boat markets remained strong in the fourth quarter as outdoor recreation grew significantly in popularity during the COVID-19 pandemic, which is ours Seeing the appeal and resilience of our leisure time strengthens lifestyle markets, ”said Andy Nemeth, President and Chief Executive Officer.
During the year, Patrick completed seven acquisitions: four in the marine market, two in the recreational vehicle market and one in the industrial market.
“We have further accelerated capital investments in our infrastructure, including automation and capacity expansion, to improve our business in this dynamic environment, and we have increased our investments in human capital initiatives to develop, maintain and improve the well-being of our team members “Said Nemeth.
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