Patrick Industries income grows 25 percent to $278.6 million first quarter
April 30, 2016 | 10:00 pm CDT
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ELKHART, Ind. - Patrick Industries, Inc. (NASDAQ: PATK) first quarter revenue increased 25 percent to $278.6 million, up $55.2 million.  Net income in the first quarter of 2016 increased 32% to $12.0 million
 
Patrick Industries says the increase came mostly from the RV industry, a segment in which it a has been snapping up companies in the past two years.  
 
Overall, the recreational vehicle industry saw an 11 percent rise in sales in the first quarter of 2016, and this market represents 78 percent of Patrick Industries first quarter 2016 sales.  
 
Patrick also supplies the manufactured home (MH) industry, since products have much in common (cabinetry, drawers, millwork, countertops, and many forms of panel, etc.). Revenue from the MH industry, about 11 percent of first quarter 2016 sales, increased 23 percent overall. That market segment is seeing an 18 percent rise in the first quarter.
 
Patrick's industrial market sector, tied to the residential housing and commercial and retail fixtures markets, also accounting for 11 percent of first quarter 2016 sales, track housing construction. New housing starts in the first quarter of 2016 increased 14 percent.  
 
Todd Cleveland, CEO, has shifted the company to include buying non-wood manufacturing businesses, acquiring Parkland Plastics, Inc. and The Progressive Group this year, allowing Patrick "to enter into a new product space and to diversify our product offerings into new markets," Cleveland says. 
 
 

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Bill Esler | ConfSenior Editor

Bill wrote for WoodworkingNetwork.com, FDMC and Closets & Organized Storage magazines. 

Bill's background includes more than 10 years in print manufacturing management, followed by more than 30 years in business reporting on industrial manufacturing in the forest products industries, including printing and packaging at American Printer (Features Editor) and Graphic Arts Monthly (Editor in Chief) magazines; and in secondary wood manufacturing for WoodworkingNetwork.com.

Bill was deeply involved with the launches of the Woodworking Network Leadership Forum, and the 40 Under 40 Awards programs. He currently reports on technology and business trends and develops conference programs.

In addition to his work as a journalist, Bill supports efforts to expand and improve educational opportunities in the manufacturing sectors, including 10 years on the Print & Graphics Scholarship Foundation; six years with the U.S. WoodLinks; and currently on the Woodwork Career Alliance Education Committee. He is also supports the Greater West Town Training Partnership Woodworking Program, which has trained more than 950 adults for industrial wood manufacturing careers. 

Bill volunteers for Foinse Research Station, a biological field station staddling the border of Ireland and Northern Ireland, one of more than 200 members of the Organization of Biological Field Stations.