ELKHART — Patrick Industries Inc., a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, reported its financial results for the nine months ended Sept. 27.

Net sales for the first nine months of 2015 increased $125.6 million or 23 percent to $671.7 million from $546.1 million in the same period in 2014, including the impact of acquisitions completed in 2014 and 2015. For the first nine months of 2015, the company’s revenue from the RV industry, which represented 75 percent of its nine months 2015 sales, increased by 24 percent.

According to industry sources, RV industry wholesale unit shipments increased approximately 5 percent in the first nine months of 2015 compared to the prior year. Additionally, revenues from the MH industry, which represented 14 percent of the company’s nine months 2015 sales, rose 17 percent compared to the prior year as wholesale unit shipments in this industry, as estimated by the company, increased by approximately 8 percent. Revenues from the industrial market increased 23 percent and benefited primarily from continued market share gains in the retail fixtures market, as well as improved office and commercial furnishings sales.

The industrial markets, which accounted for 11 percent of the company’s nine months 2015 sales, saw new housing starts increase by approximately 12 percent for the first nine months of 2015 compared to the prior year. The company estimates that approximately one-half of its industrial market sales are linked to the residential housing sector and its sales to the industrial markets generally lag new housing starts by approximately six to nine months.  

For the first nine months of 2015, the company reported operating income of $51.1 million, an increase of 29 percent, or $11.3 million, from the $39.8 million reported in the first nine months of 2014. Net income in the first nine months of 2015 increased 29 percent to $30.2 million from $23.4 million in the first nine months of 2014, while net income per diluted share increased 34 percent to $1.95 from $1.45.

The Company’s RV content per unit (on a trailing 12-month basis) for the third quarter of 2015 increased approximately 17 percent to $1,739 from $1,488 for the third quarter of 2014. The MH content per unit (on a trailing 12-month basis) for the third quarter of 2015 increased approximately 13 percent to an estimated $1,817 from $1,614 for the third quarter of 2014.

Patrick’s total assets increased $163.5 million to $419.1 million at Sept. 27, from $255.6 million at Dec. 31, 2014, primarily reflecting the addition of acquisition-related assets, seasonality, and overall growth. Total debt outstanding at Sept. 27, increased $123.7 million to $224.8 million from $101.1 million at Dec. 31, 2014, reflecting the funding of the acquisitions of Better Way Products, Structural Composites of Indiana and North American, stock repurchases, working capital needs and capital expenditures, net of debt reduction.

In the first nine months of 2015, the company repurchased 195,750 shares at an average price of $28.86 per share for a total cost of approximately $5.7 million. While there were no stock repurchases in the third quarter of 2015, the company repurchased 25,000 shares at an average price of $38.94 for a total cost of approximately $974,000 in the first fiscal month of the fourth quarter of 2015.

Since the inception of the stock repurchase program in February, 2013, through Oct. 23, the company has repurchased in the aggregate 1,348,870 shares at an average price of $19.74 per share for a total cost of approximately $26.6 million. As Oct. 23, there is approximately $19 million available for stock repurchases under the existing stock buyback program as authorized by the company’s board of directors in February.

Patrick I,dustries has also released its third-quarter financial results.