Patrick Industries reported growth across all of its market sectors in the first quarter of 2021, posting a 44 increase in net sales to $850.5 million.
The Elkhart, Ind.-based manufacturer and distributor also saw a 124 percent spike in net income, to $47.5 million, compared with the first quarter a year prior.
Patrick said the RV and marine segments led the charge, with RV posting net sales of $501.4 million, a 57 percent increase. The company said wholesale RV unit shipments increased by 48 percent.
In the marine division, sales increased 75 percent to $137 million, with wholesale shipments showing a 14 percent gain.
Diluted earnings per share for the first quarter were $2.04, a 124 percent increase from $0.91 in the first quarter of 2020.
The company also continued its pattern of strategic acquisitions, adding Sea-Dog Corp. in March.
“The demand for outdoor recreation remains solid, in alignment with our view of the tremendous attractiveness and potential of the RV and marine markets,” president and CEO Andy Nemeth said in a statement. “The size, scale and flexibility of our operating and financial platform allowed us to execute strategically and tactically during the quarter, while leveraging our fixed cost structure to drive increased profitability.”
