{"id":484330,"date":"2021-04-29T08:18:36","date_gmt":"2021-04-29T12:18:36","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/patrick-industries-inc-reports-first-quarter-2021-financial-results\/"},"modified":"2021-04-29T08:18:36","modified_gmt":"2021-04-29T12:18:36","slug":"patrick-industries-inc-reports-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/patrick-industries-inc-reports-first-quarter-2021-financial-results\/","title":{"rendered":"Patrick Industries, Inc. Reports First Quarter 2021 Financial Results"},"content":{"rendered":"
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First Quarter 2021 Highlights (all metrics compared to First Quarter 2020 unless otherwise noted)<\/h2>\n

– Net sales of $850.5 million increased 44%, driven by strong demand across all market sectors<\/h2>\n

– Operating income of $68.5 million increased 74%<\/h2>\n

– Operating margin of 8.1% increased 140 basis points<\/h2>\n

– Net income of $47.5 million increased 124%<\/h2>\n

– Diluted earnings per share of $2.04 increased 124%<\/h2>\n

– Operating cash flows of $50.3 million increased 281%<\/h2>\n

– Completed acquisition of Sea-Dog Corporation<\/h2>\n

– Subsequent to quarter end, completed acquisition of SeaDek, $350 million notes offering due 2029 and credit facility expansion and extension<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n ELKHART, Ind.<\/span>, April 29, 2021<\/span> \/PRNewswire\/ —\u00a0Patrick 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 financial results for the first quarter ended March\u00a028, 2021.<\/p>\n

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\n \"(PRNewsfoto\/Patrick
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Net sales in the first quarter of 2021 increased $261.3 million<\/span>, or 44%, to $850.5 million<\/span> from $589.2 million<\/span> in the first quarter of 2020. The consolidated net sales increase was due to growth across all market sectors, led by the RV and marine markets. <\/p>\n

Operating income of $68.5 million<\/span> increased $29.2 million<\/span>, or 74%, compared to $39.3 million<\/span> in the first quarter of 2020. Operating margin of 8.1% in the first quarter of 2021 increased 140 basis points compared to 6.7% in the same period a year ago.<\/p>\n

Net income of $47.5 million<\/span> increased $26.3 million<\/span>, or 124%, compared to $21.2 million<\/span> in the first quarter of 2020. Diluted earnings per share of $2.04<\/span> for the first quarter of 2021 increased $1.13<\/span>, or 124%, compared to $0.91<\/span> for the first quarter of 2020. First quarter 2021 net income and diluted earnings per share reflect an income tax benefit of $5.7 million<\/span> and $0.24<\/span>, respectively, related to the exercise and vesting of share-based payment awards. <\/p>\n

“Momentum in our leisure lifestyle markets accelerated during the quarter, as the strength of both retail and wholesale shipments in the recreational vehicle and boating markets materially improved year over year,” said Andy Nemeth<\/span>, President and Chief Executive Officer. “The demand for outdoor recreation remains solid, in alignment with our view of the tremendous attractiveness and potential of RV and marine markets. 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. We completed the acquisition of Sea-Dog in the first quarter and also focused on investments in our human capital initiatives, to enhance the well-being of, and environment for, our team members. The spirit of our team members in combination with their dedication and can-do attitude has led us forward as we strive to exceed our customers’ expectations and production objectives.”\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b><\/p>\n

\n First Quarter 2021 Revenue by Market Sector\u00a0
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\n (all metrics compared to First Quarter 2020 unless otherwise noted)<\/i>\n <\/p>\n

\n RV<\/b>\u00a0(59% of Revenue)<\/p>\n