Patrick Industries, a key supplier to the RV and manufactured housing industries, ranked No. 41 on Fortune’s annual list of 100 Fastest-Growing Companies while also being recognized as a “Top 10 Accelerator.”
New to the list at No. 79 is Drew Industries Inc., parent to supplier Lippert Components Inc., which has been on a growth spurt. Last month the Elkhart In.-based company reported second quarter of $37.6 million, up from $20.9 million in the same quarter a year earlier.
The 100 Fastest-Growing Companies list, now in its 30th year, traditionally examines three-year performance based on increases in revenues, profits per share, and stock return. The use of a three-year track record is intended to eliminate one-year wonders and identify those companies that are “truly burning it up,” according to a release.
Fortune noted, “Still, we were curious: Who among that elite contingent of 100 companies enjoyed the most scorching 12 months based on the same metrics? This group — the most smoking among the hot — is a diverse group and benefitted from the rise of mobile, the ever increasing shift to online, the need for high-speed connectivity and the rebound of the financial sector, among other factors.
In its overview of Patrick Industries as a Top 10 Accelerator, Fortune stated:
“RVs are making a comeback, driving profits for Patrick Industries, a maker of building products for recreational vehicles and manufactured homes. Out of $920 million in net sales, RVs accounted for about 75% in 2015. Baby Boomers reaching retirement have propelled those sales; but increasingly younger demographics, including millennials, are also contributing. Since the recession ended in 2010, sales have been on the rise, and the industry expects them to increase another 6% in 2016. In fact, RV sales are often viewed as an indicator of economic health; as pricey discretionary purchases, they tend to tank at the start of a recession and bounce back as the economy recovers. So in a way, a good year for Patrick Industries is a good year for us all.”
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