Business
Patrick Industries, Inc. Reports Third Quarter 2021 Financial Results
Third Quarter 2021 Highlights (compared to Third Quarter 2020 unless otherwise noted) - Net sales of $1.1 billion increased 51%, reflecting momentum in all
About this update from Patrick Industries, Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights (compared to Third Quarter 2020 unless otherwise noted)\n - Net sales of $1.1 billion increased 51%, reflecting momentum in all end markets\n - Operating income of $93.3 million increased 56%\n - Operating margin of 8.8% increased 30 basis points\n - Net income of $57.4 million increased 54%\n - Diluted earnings per share of $2.45 increased 51%\n - Operating cash flows of $68.7 million\n - Acquisitions of Coyote Manufacturing and Tumacs Covers\n\n\nELKHART, Ind., Oct. 28, 2021 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK), a leading component solutions provider for the RV, marine, manufactured housing (\"MH\") and industrial markets today reported financial results for the third quarter ended September 26, 2021.\n\n \n \n \n \n \n \n\n \nNet sales in the third quarter of 2021 increased $359.5 million, or 51%, to $1.1 billion from $700.7 million in the third quarter of 2020. The increase reflects continued strong performance in our RV and marine leisure lifestyle markets as well as the MH and industrial end markets.\nOperating income of $93.3 million increased $33.5 million, or 56%, from $59.8 million in the third quarter of 2020. Operating margin of 8.8% in the third quarter of 2021 increased 30 basis points compared to 8.5% in the same period a year ago.\nNet income was $57.4 million, an increase of 54% compared to $37.3 million in the third quarter of 2020. Diluted earnings per share was $2.45, an increase of 51% for the third quarter of 2021 compared to $1.62 for the third quarter of 2020. \n\"Market conditions across our platform continue to reflect strong trends and expectations while providing good visibility into 2022,\" said Andy Nemeth, Chief Executive Officer. \"The talent, resilience, and creative initiatives of our team members, in combination with the partnership of our customers, helped us to successfully navigate an incredibly complex and dynamic supply chain environment. Retail demand for leisure lifestyle products remains high, and has resulted in decreasing dealer inventories and increasing OEM backlogs despite record industry production levels. At the same time, our sales to the housing and industrial markets continue to benefit from low dealer inventories, attractive financing rates and robust home improvement and remodel activity.\"\nJeff Rodino, President, said, \"Dur...