Patrick Details ‘Significant Increase in Popularity’

Patrick Industries President and CEO Andy Nemeth said the company continues to see growth in popularity for outdoors recreation as a result of the pandemic.

Nemeth spoke in conjunction with the release of company earnings for the latest quarter.

“Outdoor recreation has and continues to see, a significant increase in popularity as a result of the COVID-19 environment,” Nemeth stated. “Our leisure lifestyle markets – RV and marine – provide ideal outlets for multiple generations of friends and family to spend quality time together in both the COVID-19 and post COVID-19 environment.”

The demand growth fueled RV revenue and shipment increases in the last quarter.

“Strong demand in our RV, marine and industrial markets resulted in improved profitability,” Nemeth stated, noting the company does have inefficiencies in its labor as production quickly has ramped up to pre-pandemic levels.

Patrick acquired three companies – Plywood, Synergy RV Transport and Front Range Stone – in the quarter. Nemeth said the deals allowed the company to capitalize on momentum, support customer growth and expand products offerings.

“Momentum in our RV and marine sectors is expected to remain strong,” Nemeth stated.

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