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Patrick Industries (Nasdaq: PATK) | Company Profile, History, Competitors

 

Patrick Industries (NASDAQ: PATK) is a leading manufacturer of components for RV, manufactured housing and industrial markets. As of 2017, the company had 1,800 customers. The company was founded in 1959 and headquartered in Elkhart, IN.

Patrick Industries manufactures components that go into RV vehicles. These include vinyl panels, countertops, mouldings, cabinets, furniture and doors. The company also has a distribution business where it distributes RV components to customers from third parties where they purchase by railcar.

Business Overview

The company operates in two main segments:
  • Manufacturing (82% of 2017 Revenues): Sells vinyl and paper laminated panels, countertops, mouldings, cabinet doors, hardwood furniture and interior passage doors.
  • Distribution (18% of 2017 Revenues): Sells wall/ceiling panels, drywall, electrical components, wiring, plumbing products, electronics, appliances, roofing, furniture and lighting. These products are purchased from third parties.

Suppliers and Distribution

The company has 82 manufacturing plants and 22 distribution facilities in 20 states.

For the Distribution business, the company purchases supplies in railcar and container quantities and warehouse the products prior to sale.

Customers

As of 2017, the company has 1,800 active customers. Two of their largest customers are Forest River and Thor Industries.

Competitors

The RV space is highly competitive with low barriers to entry.

History

The company was founded in 1959. It went public in 1971. In 2007, it acquired Adorn Holdings, a manufacturing of building products for the RV industry.

Management

Todd M. Cleveland (CEO): Todd Cleveland serves as CEO since 2009. Prior, he worked at the company as EVP Operations and Sales. He had also worked as CEO of Adorn Holdings.

Joshua A. Boone (CFO): Joshua Boone serves as CFO since 2016. Prior, he was CFO of Pretzels Inc, a leading family owned pretzel manufacturer.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $595 
$736 
$920 
$1,222 
$1,636 
 Gross Profit $91 
$119 
 $152 
 $203 
 $279 
 Operating Profit $41 
$52 
 $70 
 $91 
 $122 
 Net Income$24 $31 
$42 
 $56 
 $86 
 EPS$0.99 
$1.28 
$1.81 
$2.43 
$3.48 


Patrick Industries, Inc.
 
  Type     Public
  Ticker     NASDAQ: PATK
  Industry Recreational Vehicles
  Founded 1959
  Headquarters Elkhart, IN
  Customers 1,800
  Revenues
$1.6bn (2017)
  Employees 6,721 (2017)
  Website patrickind.com