Patrick Industries, Inc. (NASDAQ:PATK) announced their earnings for the fiscal 2014 year-end and fourth quarter.Revenue for the quarter came in at $189 million. That was an increase of 29% over the fourth quarter of 2013. Revenue from the RV segment amounted to 74% of total revenue which was a 36% gain. RV wholesale units shipments also increased by 18% and the MH segment grew by 24%. Organic growth accelerated by 13% when compared to the same period last year also. Operating income was $117 million and that was a hefty change of 35% when compared to the fourth quarter period last year. The company had a EPS of 69 cents per share.
The company made four key acquisitions last year also. They bought Precision Painting, Carrera Custom Painting, Millennium Paint and TDM Transport. They also acquired the business and some of the assets of Better Way Products. The acquisitions were done to expand Patrick Industries, Inc. (NASDAQ:PATK)’s services operations and offer a more complete portfolio of services for its customers. The company offers services for RV’s and pre-fabricated homes and the paint products will fit right in to the model. There has been an expanded demand for RV products and services as the living method has become more popular and acceptable.
Year End Results
For the year revenue came in at $735.7 million. That was a growth of 23% comparred to 2013. RV unit sales were the strongest and the segment grew at a 27% clip and also contributed 74% of the total revenue for 2014. Organic growth was strong also. It accelerated at ta clip of 11% year-over-year. Patrick Industries, Inc. (NASDAQ:PATK) also authorized a share buy-back program and will spend $20 million in the next 12 months on the program. They have already bought $25 million of the outstanding float in a previous program.
The stock soared to all-time highs and at this point does not look like the momentum is slowing. It needs to find a comfortable level then it can resume organized trading.