ELKHART, IN - Patrick Industries Inc., a manufacturer and distributor of building and component products for the recreational vehicle (RV), manufactured housing (MH) and industrial markets, posted first quarter net sales of $102.7 million, an increase of 47.8% compared to Q1 2011.
Patrick Industries said the Q1 sales jump reflected a 57% increase in the company's revenue from the RV industry and a 36% increase in revenue from the MH industry, which represented approximately 69% and 18% of first quarter 2012 sales, respectively. In addition, the company attributed approximately $11.6 million of the revenue improvement to acquisitions completed since June 2011. Patrick said it also experienced improved sales in its industrial segment, including for furniture and cabinet markets.
"We are pleased and energized by our improved first quarter revenue growth and profitability as we are realizing many of the benefits of strategic and operational initiatives executed over the past three years as well as the sacrifices, commitment, and dedication of our team members," said Todd Cleveland, president and CEO of Patrick Industries. Looking ahead for the rest of 2012, Cleveland said he anticipates that the company's investments will "positively impact both our top and bottom line results."
"Our main focus in 2012 will be to execute on our organizational strategic agenda, which includes increasing market share and profitability by exploring targeted strategic acquisitions, driving deliverables in our 'Customer First' performance-oriented culture, and combining the value of high-quality products with exceptional service to consistently meet and exceed the expectations of our customers. Additionally, we will continue to focus on leveraging our operating platform, balancing appropriate risks and opportunities, and maximizing efficiencies to support our long-term strategic growth goals," Cleveland added.
During the first quarter, Patrick purchased Decor Manufacturing LLC of Tualatin, OR, for approximately $4.4 million. Decor mainly specializes in the production of laminated parts and wrapped profiles for the recreational vehicle market.
Have something to say? Share your thoughts with us in the comments below.