The increase was attributable to a 32 percent rise in revenue from the RV industry, but also reflecting acquisitions made by the company in the last two years, as seekingalpha tells MHProNews.
Revenue from the MH industry, representing 14 percent of the Q4 sales, rose 21 percent.
Patrick reported operating income of $18.8 million representing, an increase of 60 percent, 7.1 million, compared to $11.7 million posted in Q4 2015. Fourth quarter net income of 2015 rose 65 percent to $12.0 million as compared to $7.3 million for the same quarter 2014. Earnings per share rose 70 percent to $0.78 from $0.46 EPS over Q4 2014.
Net sales for the year ending Dec. 31, 2015 rose $184.6 million, 25 percent, to $920.3 million from $735.7 million compared to the same period of 2014.
Patrick’s revenue from the RV industry, which represents 75 percent of company revenue, increased by 26 percent over 2014. Sales to the MH industry, accounting for 14 percent of sales, increased 18 percent over the same totals for 2014.
Operating income for the full year rose 36 percent, $69.9 million, $18.4 million over the $51.5 million reported in 2014. Net income increased 38% to $42.2 million from $30.7 million in 2014. Net income per diluted share rose 42 percent to $2.72 from $1.91. ##
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