Patrick Industries, Inc.: Strong balance sheet and good credit metrics, but cyclical end markets that are vulnerable to downturns
Our credit view of this issuer reflects its growing market share and content per unit, offset by its highly cyclical end markets.Patrick Industries manufactures component products and distributes building products and materials serving original equipment manufacturers primarily in the recreational vehicle, manufactured housing and marine markets. The company's manufacturing segment includes the following products, among others: laminated products that are utilized to produce furniture, shelving, walls, countertops, and cabinet products, cabinet doors, fiberglass bath fixtures and tile systems. The company's distribution segment distributes, among others, pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, appliances, wiring, electrical and plumbing products.
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