Patrick Industries, which reported its financial results for the first nine months of the year, reported a boost from increased revenue in its RV segment.
In the first nine months of the year, Patrick’s net sales increased $226.3 million, or 34 percent, to $898 million from $671.7 million in the same period in 2015.
The uptick was also reflected in the company’s third quarter results.
Net sales for the third quarter of 2016 increased $89.4 million to $304.2 million from $214.8 million in the same quarter of 2015.
The increase was primarily attributable to a 43 percent increase in the company's revenue from the RV industry, which reflected the incremental contribution from acquisitions completed in 2015 and 2016, and industry growth.
For the first nine months of 2016, the company's revenue from the RV industry, which represented 75 percent of its nine months 2016 sales, increased by 33 percent. Net income during the nine-month period climbed 35 percent to reach $40.8 million.
Patrick’s RV content per unit (on a trailing twelve-month basis) for the third quarter of 2016 increased approximately 20 percent to $2,085 from $1,739 for the third quarter of 2015. The MH content per unit for the quarter increased approximately 5 percent to an estimated $1,911 from $1,820 for the third quarter of 2015.