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28 February, 2024 18:37 IST
Patrick Industries first-quarter profit jumps 34.62 percent on a YOY basis
Source: IRIS | 24 Jun, 2017, 02.43AM

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Patrick Industries Inc (PATK) has reported a 34.62 percent jump in profit for the quarter ended Mar. 26, 2017. The company has earned $17.47 million, or $1.12 a share in the quarter, compared with $12.98 million, or $0.85 a share for the same period last year.      

Revenue during the quarter grew 23.97 percent to $345.43 million from $278.64 million in the previous year period. Gross margin for the quarter expanded 38 basis points over the previous year period to 16.66 percent. Total expenses were 93.08 percent of quarterly revenues, up from 92.60 percent for the same period last year. That has resulted in a contraction of 47 basis points in operating margin to 6.92 percent.

Operating income for the quarter was $23.92 million, compared with $20.61 million in the previous year period.

Todd Cleveland, president and chief executive officer, said, “We are pleased with our first quarter revenue performance and profitability, which are a result of the continued execution of our strategic and operational initiatives and reflect a strong start to the year in the markets we serve. Manufacturer and dealer sentiment remains positive as we head into the second quarter and the height of the selling season in anticipation of strong retail traffic on dealer lots and expected continued year-over-year growth. Additionally, the MH industry continues to gain strength along with optimism in the residential housing markets, and both our MH and industrial businesses are outperforming their respective markets."

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