ELKHART, Ind. - Patrick Industries, Inc., a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing, and home building markets, reported net sales for the fourth quarter of 2015 increased  31 percent, to $248.7 million from $189.6 million in the same quarter of 2014.  

 

The increase was primarily from a 32 percent rise revenue from the Recreational Vehicle (RV) industry - partly from acquisitions completed in 2014 and in 2015, as well as market share gains and overall industry growth. Low gas prices and an improved economy are spurring sales of homes on wheels. 

 

ARTICLE Thor Industries expands as RV sales rise Packing furniture, cabinetry and millwork into a small-scale home on wheels, recreational vehicle manufacturers face booming sales, and the need to expand.

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The RV industry, which includes trailers and motor homes, saw wholesale unit shipments increased four percent in the fourth quarter of 2015, and represent  75 percent of 3,800-employee Patrick Industry's fourth quarter 2015 sales.  

 

Revenue from the manufactured home industry, which represented 14 percent of Patrick's fourth quarter 2015 sales, increased 21 percent. Manufactured home unit shipments rose 14 percent last quarter.  Patrick also benefits from sales to industrial markets. These increased 41 percent and account for 11 percent of Patrick's revenues in fourth quarter 2015.  

 

"We are optimistic about the long-term growth potential in the RV industry given favorable industry conditions and demographic trends," said Todd Cleveland, CEO. "In the industrial markets, we continue to increase our market penetration, particularly in the retail fixture and commercial furnishings segments."

 

For the year ended December 31, 2015 sales increased $184.6 million or 25 percent to $920.3 million.  from $735.7 million in the same period in 2014. Full year 2015 net income increased 38 percent to $42.2 million.