Patrick Industries, Inc. reported its fourth-quarter 2021 net sales increased 49% from the fourth quarter of 2020 to $375 million.
The supplier’s RV division revenue rose 51% in 2021, the company reported. RV division revenue accounted for 59% of total revenue $674 million, an increase of 51%.
The company increased its content to OEM suppliers by 24% to $4,006.
Andy Nemeth, Patrick CEO, said the company’s performance was due to the team’s work during a period of supply chain challenges and labor constraints.
“In partnership with our customers, our team members worked tirelessly to leverage our flexible operating model against the backdrop of strong demand and production levels in our leisure lifestyle and housing markets,” Nemeth said. “The investments we have been making over the past 18 months, both strategically and in operating infrastructure, are resulting in positive contributions and will continue to enhance our ability to meet and exceed our customers’ needs.”
Jeff Rodino, company president, said market conditions were strong, and a positive inventory recalibration is starting in the RV industry.
“Demographic trends point toward long-term growth, with new buyers continuing to enter our markets,” Rodino said. “Our growth has been supported by ongoing implementation of best practice solutions, continuous improvement initiatives and investments in automation and capacity expansion which continue to drive our results.”
Patrick’s fourth-quarter profits rose 61% from the fourth quarter of 2020 to $61 million.
Overall, 2021 net sales rose 64% from 2020 to $4.1 billion. The company cited increased demand and contributions from acquisitions for the sales rise.
