Sales of marine components up 137% in the third quarter
Patrick Industries, the recreational vehicle and marine component manufacturer, has reported third-quarter sales up 41% at US$575m with net income up 57% at nearly US$28m. Marine sales for the quarter – representing about 14% of total sales – were up 137%.
“We continue to have a favourable outlook on all of our primary end-markets based on strong fundamentals and solid retail demand,” Todd Cleveland, chairman and CEO, said in a statement. “As we look ahead to the remainder of 2018 and into 2019, we believe in the ongoing appeal of the outdoor, leisure family-oriented lifestyle that continues to attract new consumers and repeat buyers in both the RV and marine markets.”
The company said marine sales for the first nine months of the year increased 153% compared to the prior year.
“During the third quarter, we completed the acquisition of Engineered Metals and Composites, another marine component supplier, marking our eighth acquisition overall this year,” Cleveland said.