Elkhart-based Patrick Industries has reported a year-over-year first quarter growth of 9%. Photo from Google Maps.

News Release

ELKHART — Patrick Industries Inc., a component manufacturer based in Elkhart, reported a net income of $38 million in the first quarter, up 9% year-on-year.

The company said that the strength of its manufactured housing and recreational vehicle markets compensates for the decline in demand from customers of marine and powersports.

“The anticipated seasonal production increase in our RV and MH markets and dedication of our team members coupled with our commitment to the execution of our strategic and operating plans helped drive solid revenue growth and profitability in the first quarter,” said Andy Nemeth, Chief Executive Officer in a news release.

The quarter’s net sales increased to 1 billion dollars, a growth of 7%. CEO Andy Nemes said that strategic acquisitions, automation initiatives and ongoing investments in the development of new products are positioning the company in line with the evolving market.

Nemes said the company was confident, entering the second quarter, that it could survive the macroeconomic uncertainty caused by President Donald Trump’s tariffs and the consumer sentiment warning reports they caused.

“Our team has the experience necessary to maneuver effectively through market volatility and we believe that this period of heightened uncertainty will reinforce our value proposition to our customers and stakeholders,” Nemeth said.

The full report can be read online.