ELKHART, IN - Patrick Industries, Inc., a manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, recently released its financial results for the fourth quarter and full year ended December 31, 2013.
The company saw an increase in net sales for the fourth quarter of 2013 of $40.5 million or 38.1%, to $146.6 million from $106.1 million in the same quarter of 2012. The increase was largely due to a 43% increase in the Patrick Industries' revenue from the recreational vehicle industry, approximately 71% of the company's total fourth quarter 2013 sales. Sales to the manufactured housing industry rose 13%, and sales to industrial markets increased 57%.
Patrick Industries saw net sales increase for the twelve months of 2013 of $157.5 million or 36.0%, to $594.9 million from $437.4 million in 2012. This increase was also attributable to the company's revenue from the RV industry, which represented approximately 72% of its 2013 sales, increased by 44%.
Revenues from the MH industry represented 16% of the Company's 2013 sales, rising 13% compared to the prior year. Improved sales of retail fixture and residential cabinets and furniture helped spur revenues from the industrial market, which increased 33% and accounted for 12% of the company's 2013 sales.
"We continue to be energized by our full year 2013 performance which is a reflection of our team's efforts to execute on a number of strategic and operational initiatives," said Todd Cleveland, president and CEO.
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