Business
Patrick Industries, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results
ELKHART, Ind., Feb. 13, 2020 /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., Feb. 13, 2020 /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 fourth quarter and full year ended December 31, 2019.\n\n \n \n\n \nFourth Quarter 2019 Financial ResultsNet sales for the fourth quarter of 2019 increased $18.3 million, or 3%, to $549.5 million from $531.2 million in the same quarter of 2018. The increase in the fourth quarter was primarily attributable to industry growth in our housing and industrial markets, acquisitions, and market share gains, and was partially offset by wholesale unit shipment declines in the RV and marine markets.\nRV industry revenues represented 54% of fourth quarter 2019 sales and decreased 4% from the fourth quarter of 2018, compared to an 8% decrease in RV industry wholesale unit shipments; Marine industry revenues represented 13% of fourth quarter 2019 sales and declined 13% from the fourth quarter of 2018, while marine powerboat industry wholesale unit shipments decreased between 18% and 20%, as estimated by the Company; MH industry revenues represented 20% of fourth quarter 2019 sales and increased 50% compared to the prior year, with a 9% increase in MH industry wholesale unit shipments; and Industrial market revenues, which accounted for 13% of fourth quarter 2019 sales (and are tied primarily to residential housing, commercial construction, high-rise, hospitality, and institutional furniture markets), increased 6% compared to the prior year, while new housing starts in the fourth quarter of 2019 increased 20% compared to 2018.For the fourth quarter of 2019, Patrick reported operating income of $36.0 million, a decrease of 7%, or $2.9 million, from $38.9 million reported in the fourth quarter of 2018. Net income in the fourth quarter of 2019 was $20.0 million compared to $27.0 million in the fourth quarter of 2018, and net income per diluted share was $0.86 and $1.15 for the fourth quarter of 2019 and 2018, respectively. Fourth quarter 2018 net income included tax benefits associated with share-based compensation of $4.5 million, or $0.19 per diluted share, with no comparable amount for the fourth quarter of 2019.\nAndy Nemeth, President and Chi...