Business
Patrick Industries, Inc. Reports First Quarter 2019 Financial Results
ELKHART, Ind., April 25, 2019 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK), a major manufacturer and distributor of component and building products
About this update from Patrick Industries, Inc.
[{"type":"text","content":"ELKHART, Ind., April 25, 2019 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK), a major manufacturer and distributor of component and building products for the recreational vehicle (\"RV\"), marine, manufactured housing (\"MH\"), and industrial markets, today reported its financial results for the first quarter ended March 31, 2019.\n\n \nFirst Quarter 2019 Financial Results\nNet sales for the first quarter of 2019 increased $56.4 million, or 10%, to $608.2 million from $551.8 million in the same quarter of 2018. The increase in the first quarter was primarily attributable to acquisitions and organic growth, which was partially offset by double-digit declines in RV and MH industry wholesale unit shipments. The Company's revenues from the RV industry, which represented 56% of first quarter 2019 sales, decreased 9% from the first quarter of 2018, compared to a 27% decrease in RV industry wholesale unit shipments, as estimated by the Company. Revenues from the marine industry, which represented 15% of first quarter 2019 sales, increased 99% over the first quarter of 2018, while estimated marine powerboat retail shipments decreased by approximately 7%. Revenues from the MH industry, representing 17% of first quarter 2019 sales, increased 70% compared to the prior year with a decrease in MH industry wholesale unit shipments, as estimated by the Company, of approximately 10% from the first quarter of 2018. Revenues from the industrial market, which accounted for 12% of first quarter 2019 sales and is tied primarily to residential housing, commercial construction, hospitality, and institutional furniture markets, increased 5% compared to the prior year. New housing starts in the first quarter of 2019 declined 10% compared to the prior year.\nThe Company's RV content per unit (on a trailing twelve-month basis) for the first quarter of 2019 increased approximately 30% to an estimated $3,131 from $2,414 for the first quarter of 2018. Marine powerboat content per retail unit (on a trailing twelve-month basis) for the first quarter of 2019 increased 118% to an estimated $1,490 from $683 for the first quarter of 2018. MH content per unit (on a trailing twelve-month basis) for the first quarter of 2019 increased approximately 42% to an estimated $3,389 from $2,382 for the first quarter of 2018.\nFor the first quarter of 2019, Patrick r...