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Recreational vehicle and manufactured housing supplier Patrick Industries Inc. reported increased sales and earnings for its second quarter, citing the impact of new product introductions and increased market penetration.
During the second quarter, ended June 30, net income increased to $1.3 million from $238,000 a year ago while sales totaled $94.7 million compared with $78.7 million.
“This was our best second quarter and year-to-date operating results since 1999, and we are pleased with the continued traction, positive momentum and overall improved operating performance of the company,” said Paul E. Hassler, president and CEO of the Elkhart, Ind.-based firm.
For the six months Patrick reported net earnings of $2 million compared with $107,000 the previous year as sales increased to $184 million from $158.4 million.
“Over the past six months, we have introduced several new products to the market, increased market penetration, enhanced capacity utilization, and improved operating efficiencies, all of which are key accountability points in our strategic plan,” Hassler said.
The company partially attributed its increased sales to shipment increases in the MH and RV industries. Patrick reported that future market conditions remain uncertain as rising energy and fuel costs could affect consumer spending for these products while higher interest rates could impact financing availability in the MH industry.