{"id":519875,"date":"2021-07-29T08:05:29","date_gmt":"2021-07-29T12:05:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/patrick-industries-inc-reports-second-quarter-2021-financial-results\/"},"modified":"2021-07-29T08:05:29","modified_gmt":"2021-07-29T12:05:29","slug":"patrick-industries-inc-reports-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/patrick-industries-inc-reports-second-quarter-2021-financial-results\/","title":{"rendered":"Patrick Industries, Inc. Reports Second Quarter 2021 Financial Results"},"content":{"rendered":"
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Second Quarter 2021 Highlights (compared to Second Quarter 2020 unless otherwise noted)<\/h2>\n

– Net sales of $1.02 billion, driven by continued growth in leisure lifestyle and housing<\/h2>\n

– Operating income of $95.3 million<\/h2>\n

– Operating margin of 9.3%<\/h2>\n

– Net income of $59.0 million<\/h2>\n

– Diluted earnings per share of $2.52<\/h2>\n

– Operating cash flows of $28.4 million<\/h2>\n

– Acquisitions of SeaDek and Alpha Systems<\/h2>\n

– $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>, July 29, 2021<\/span> \/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 second quarter ended June\u00a027, 2021.<\/p>\n

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\n \"(PRNewsfoto\/Patrick
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Net sales in the second quarter of 2021 increased $596.0 million<\/span>, or 141%, to $1.02 billion<\/span> from $424.0 million<\/span> in the second quarter of 2020. The increase reflects continued strong performance in RV and marine as well as MH and industrial end markets. Second quarter 2020 net sales reflect the impact of COVID-19 related production shutdowns.<\/p>\n

Operating income of $95.3 million<\/span> increased $83.2 million<\/span>, from $12.1 million<\/span> in the second quarter of 2020. Operating margin of 9.3% in the second quarter of 2021 increased 640 basis points compared to 2.9% in the same period a year ago. Second quarter 2020 operating income and operating margin reflect the impact of COVID-19 related production shutdowns.<\/p>\n

Net income was $59.0 million<\/span> compared to $0.7 million<\/span> in the second quarter of 2020. Diluted earnings per share was $2.52<\/span> for the second quarter of 2021 compared to $0.03<\/span> for the second quarter of 2020. <\/p>\n

“Strong trends in both retail and wholesale market conditions in all four of our primary markets contributed to our growth in the second quarter of 2021 over last year and sequentially compared to the first quarter of 2021 as leisure outdoor activities and housing and home improvement activities continued to improve,” said Andy Nemeth<\/span>, Chief Executive Officer. “Our team members across our platform have executed in incredibly dynamic market conditions, allowing us to maximize the capabilities of our manufacturing and distribution footprint and leverage our fixed cost structure. Additionally, we continued the strategic expansion of our product portfolio in the quarter through our acquisition of Alpha Systems with its suite of RV, marine, and MH solutions and the further extension of our growing marine footprint through our acquisition of SeaDek and its industry-leading branded solutions and products.” <\/p>\n

\n Jeff Rodino<\/span>, President, said, “The imbalance of low dealer inventory levels in each of our end markets against strong retail demand has further pushed out the start of the channel restocking cycle. We continue to focus on meeting the needs of our customers and aligning our culture for the long-term as we evaluate the many opportunities in front of us to further drive growth and value both strategically and organically. Industry-wide material supply chain challenges have continued, and we have been impressed by the creativity, flexibility, and innovative thought process of our customers and team members as they continue to work in partnership to address these challenges.” \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n Second Quarter 2021 Revenue by Market Sector
<\/b>(compared to Second Quarter 2020 unless otherwise noted)<\/i><\/p>\n

\n RV<\/b>\u00a0(58% of Revenue)<\/p>\n