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Posts Tagged ‘industrial markets’

Patrick Acquires Mishawaka Sheet Metal

June 20th, 2016 Comments off

patrick_industries__insideindianabusiness__creditMHProNews has learned from prnewswire that Elkhart-Indiana-based Patrick Industries, Inc. (NASDAQ:PATK) has completed the acquisition of Mishawaka Sheet Metal, LLC (MSM), also based in Elkhart for approximately $14 million.

With revenues in 2015 of $28 million, MSM produces and distributes an array of aluminum and steel products for the recreational vehicle and industrial markets. Patrick CEO Todd M. Cleveland, noting Patrick’s capitalizing on MSM’s value-added manufacturing capabilities and products, said, “The acquisition of MSM provides us the opportunity to continue to penetrate adjacent industrial markets with our broad product offering and value proposition.”

Funded under the company’s existing credit facility, the acquisition includes accounts receivable, inventory, machinery and equipment. MSM will continue to operate under its own brand name.

Patrick is a component supplier to the manufactured home and recreational markets as well as to other industrial markets. ##

(Photo credit: insideindianabusiness)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Patrick Industries Finalizes Acquisition of Structural Composites

May 26th, 2015 Comments off

patrick_indElkhart, Indiana-based Patrick Industries, Inc. (NASDAQ:PATK) has completed its acquisition of Structural Composites of Indiana, Inc. (SCI). Based in Ligonier, IN, SCI manufactures fiberglass components for the recreational vehicle (RV) and other industrial markets, according to prnewswire.

The net purchase price of $20 million was funded by the company’s credit facility and includes accounts receivable, inventory and fixed assets. MHProNews has learned SCI will continue to operate under its own name.

The company projects revenues in 2015 of $18 million. Patrick is a component supplier to the manufactured housing and RV industries and to other industrial markets through locations in ten states. ##

(Image credit: Patrick Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Patrick posts good Q3 financial results

November 3rd, 2014 Comments off

patrick_industries-logo-posted-daily-business-news-mhpronews-com-Patrick Industries, Inc. (NASDAQ: PATK), a major manufacturer and distributor of building and component products for the recreational vehicle (“RV”), manufactured housing (“MH”) and industrial markets, reported its financial results for the third quarter and the nine months which ended September 28, 2014.

CNN Money tells MHProNews that net sales for the third quarter of 2014 increased $41.5 million or 28.3%, to $188.1 million from $146.6 million in the same quarter of 2013.  

The increase was primarily attributable to a 34% increase in the Company’s revenue from the RV industry, which represented 73% of the Company’s third quarter 2014 sales.  According to industry sources, wholesale unit shipments in the RV industry increased approximately 8% in the third quarter of 2014 compared to the third quarter of 2013. 

For the third quarter of 2014, the Company’s revenue from the manufactured housing industry increased 12% from the prior year period, while revenue from the industrial market increased 19%.  The Company estimates that wholesale unit shipments in the MH industry, which represented 16% of third quarter 2014 sales, rose approximately 8% from the third quarter of 2013. 

Patrick is one of the firms tracked in the Daily Business News stock market report, and enjoyed a nice bump on Friday. ##

(Image credit: Patrick Industries logo)

michael-francis-daily-business-news-mhpronews-com-(Submitted by Michael Francis to Daily Business News – MHProNews.)

 

UFPI Moving to Oregon?

January 9th, 2013 Comments off

StatesmanJournal says Universal Forest Products, Inc. (UFPI) may be interested in moving to Silverton, Oregon’s vacant industrial park from Grand Rapids, Mich. City manager Bob Willoughby informs MHProNews the city has been discussing this option with UFPI for several months. The closing of Redman Homes in May, 2008 led to the loss of 160 jobs and the current vacancy of the industrial park. Universal designs and manufactures wood and wood alternative products for the manufactured housing industry and industrial markets.

(Image credit: Universal Forest Products, Inc.)

UFPI Releases Financials for Second Quarter

August 10th, 2012 Comments off

Yahoo! Finance says Universal Forest Products, Inc. (UFPI) released the following statement of earnings as a percentage of net sales, comparing Q2 2011 to Q2 2012: The company reports gross profit of 12.1% for the second quarter of 2012 versus 10.4% for the same period 2011; earnings from operations increased from 1.4% for Q2 2011 to 5.0% for the quarter ending 6-30-2012; net earnings were 3.0% for Q2 2012 as compared to 0.8% for the same period in 2011. In the manufactured housing market, gross sales were up 25% in the second quarter of 2012 over the same period of 2011, due to increased demand for HUD-Code manufactured housing, as well as demand for temporary housing related to oil and gas exploration in certain parts of the country. In their filing, the company notes its strongest sales increases were in the MH and industrial markets. MHProNews knows UFPI provides structural lumber and wood alternative products to the manufactured housing industry.

(Photo credit: Tim Saville/General Truss)

Patrick Industries Announces Q2 Financials

July 26th, 2012 Comments off

According to MarketWatch, reflecting an 15 percent increase in revenue from the manufactured housing industry, Patrick Industries, Inc. (+8.19%) of Elkhart, Indiana reported net sales for the second quarter of 2012 rose 39.9 percent, or $33 million, over the $82.6 million of the same quarter in 2011. Net income for Q2 2012 was $13.3 million, $1.22 per diluted share, over $3.7 million, or $0.36 per diluted share for the same period of 2011. Shipments in the MH industry for the first six months of 2012, accounting for 19 percent of the company’s sales, increased 20 percent over the same period for 2011. Net sales for the first six months of 2012 rose 43.5 percent, from $66.2 million to $218.3 million, over $152.1 million for the same period of 2011. Net income for the first six months of 2012 was $18.3 million, $1.70 per diluted share, versus $2.5 million, or $0.24 per diluted share, for the first six months of 2011. MHProNews knows Patrick manufactures and distributes component and building products to the recreational vehicle and manufactured housing industries, as well as to other industrial markets.

(Image credit: Patrick Industries, Inc.)

Patrick Ranks

June 26th, 2012 Comments off

MarketWatch tells MHProNews MH component supplier Patrick Industries, Inc. (PATK) announces it has been added to the U.S. broad-market Russell 3000® Index and small cap Russell 2000® Index, “…honored to to have joined the prestigious group of companies that comprise the Russell 3000® Index,” says Patrick’s CEO Todd Cleveland. The Russell Index ranks the largest 4,000 U.S. stocks by market capitalization. A global asset manager, Russell indexes are used by investment managers and institutional investors for investment strategies. Patrick makes a variety of building products for the MH, RV, and industrial markets through facilities located in 12 states.

(Image credit: Patrick Industries, Inc.)

 

Drew Drew a Good Hand in Q1

May 3rd, 2012 Comments off

In its report of earnings for first quarter 2012, Drew Industries, Inc.’s manufactured housing division registered $3.1 million operating profit on sales of $28 million first quarter 2012, versus profit of $2.2 million on sales of $23 million for the same period 2011. The company marked an MH sales increase of 26 percent in the first quarter 2012 over the same period last year. Sales of aftermarket MH products increased 20 percent for the same quarter over quarter, as its MH division gained market share. MarketWatch says overall sales increased to $224 million in Q1 2012 (a record for this company in any quarter) over $169 million for the same period 2011. The RV division accounted for 87% of overall net sales. Consolidated net income of $11.1 million for 2012 bested 2011’s income of $9.4 million. Drew supplies the MH, RV, and industrial markets with components. MHProNews has written recently about the RV industry growth in Elkhart County, Indiana.

((Image credit: Drew Industries, Inc.)

Component Supplier does 360 Q1 over last Q1

April 26th, 2012 Comments off

Patrick Industries, Inc. of Elkhart, Indiana reports net sales for the first quarter of 2012 rose 47.8 percent over Q1 2011, to $102.7 million, reflecting a 36 percent increase from MH revenue and 57 percent rise from RV revenue. The company reports net income for Q1 2012 of five million, an increase of $6.2 million over the net loss in the first quarter 2011 of minus $1.2 million. MarketWatch tells MHProNews.com Patrick also prepaid ten percent of a secured note, $770,000, due in 2016. Patrick Industries manufactures and distributes building and component products for the RV, MH, and industrial markets.

(Image credit: Patrick Industries, Inc.)

Patrick Industries second quarter results released

July 29th, 2011 Comments off

E:\1 SK MHMSM\Daily Buisness News\patrick-industries-logo-300x62_on_MHMSM.com_MHProNews.pngPRNewswire released Patrick Industries (PATK) second quarter results. The company is a major manufacturer and distributor of building and component products for the recreational vehicle (“RV”), manufactured housing (“MH”) and industrial markets. Patrick reported net income of $3.7 million or $0.36 per diluted share on net sales of $82.6 million, compared to net income of $1.9 million or $0.19 per diluted share on net sales of $83.9 million in the second quarter of 2010. The increase in net income primarily reflected improved profitability at one of the Company’s Midwest manufacturing divisions that had underperformed in 2010 compared to historical levels, and an acquisition completed in the third quarter of 2010.  The Midwest manufacturing division benefited from margin improvements and ongoing organizational and process changes that enhanced labor efficiencies, reduced scrap and returns, and increased material yields. Patrick is based in Elkhart, IN.

(Graphic credit: Logo courtesy of Patrick Industries)