Patrick Industries and LKQ Corp., the parent company of NTP-Stag, reported second-quarter financial results and said business remains strong.
LKQ Corp. reported a record second quarter while Patrick reported RV-related revenues up 192% from the second quarter of 2020.
“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,” Patrick CEO Andy Nemeth said. “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.”
Nemeth said growth is not expected to stop soon.
“Historically lean dealer inventories, strong retail demand, and substantial OEM and builder backlogs continue to position our end markets for growth into the second half of 2021 and through 2022,” he said
LKQ Corp. President and CEO Dominick Zarcone noted major highlights from his company’s report.
“This performance marks two key milestones as the first quarterly period with EPS of over $1 and the highest quarterly segment EBITDA in the company’s history,” he said. “The North America and Specialty segments achieved record segment EBITDA margins in the quarter.”
