Patrick Industries

Patrick Industries, Inc. engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products. The Distribution segment distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, fiber reinforced polyester products, cement siding, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lightning products, and other miscellaneous products. The company was founded in 1959 and is headquartered in Elkhart, IN.

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Patrick Industries reports record 2022 results, eyes growth opportunities

Patrick Industries had a strong 2022, with growth in net sales, operating cash flow, and adjusted EBITDA. Despite challenges in RV production, the company's focus on marine and housing businesses paid off. Looking ahead to 2023, the company aims to maintain margins and drive growth through acquisitions and operational efficiencies.

Patrick Industries reports Q1 revenue decline, focuses on innovation

Patrick Industries navigated challenges in the RV and housing markets but demonstrated strength in the marine sector. The company is focused on driving growth through innovation and efficiency improvements. Effective inventory management and a robust labor force strategy position the company well for future opportunities.

Patrick Industries reports robust Q2 performance amidst pricing challenges

Patrick Industries showcased strong financial performance in Q2 2023, with revenue growth and effective cost management strategies.
While facing challenges such as pricing declines and production uncertainties, the company is leveraging strengths in marine business resilience and cost reduction efforts.
Opportunities in M&A, pricing stability, and inventory rebuild present avenues for growth and stability in the RV and marine markets.
Overall, Patrick Industries remains focused on innovation, financial stability, and leveraging market diversification for continued success.

Patrick Industries reports Q3 resilience amidst market challenges

Patrick Industries showcased resilience and adaptability in Q3 2023, with cost savings initiatives boosting margins despite sales declines.
While facing challenges in RV, marine, and housing sectors, the company remains confident in its ability to navigate obstacles and drive sustainable growth.
Stable valuations, labor rates, and a strong cash position position Patrick Industries well for acquisitions and sustained growth in the coming year.

Patrick Industries achieves record performance in 2023, eyes growth

Patrick Industries' robust financial results in 2023 reflect resilience amidst challenges, with a focus on driving growth through strategic acquisitions and operational enhancements. The company remains optimistic about leveraging current operations, improving margins, and pursuing growth opportunities in the near and long term.

Patrick Industries excels in Q1 2024, eyes growth opportunities

Patrick Industries delivered strong financial results in Q1 2024, with revenue and net income growth. The acquisition of Sportech enhances the company's position in the powersports industry. Operating margin improvement and strategic capital allocation priorities signal a focus on sustainable growth.
Challenges lie in declining RV and marine retail shipments, as well as flat powersports unit shipments. However, opportunities exist in leveraging the Sportech acquisition, driving organic growth in powersports, and resilience in the marine business.

Patrick Industries (PATK) reports robust Q2 results and eyes future growth opportunities

Patrick Industries (PATK) delivered a strong performance in Q2 2024, showcasing revenue growth, increased profitability, and positive cash flow generation.
While facing challenges such as cautious outlooks and specific segment performance concerns, the company remains optimistic about future growth and strategic direction.
With a focus on shareholder returns, liquidity strength, and market opportunities, Patrick Industries (PATK) is poised for continued success and value creation.

Patrick Industries reports solid Q3 performance, eyes growth opportunities

Patrick Industries delivered strong financial results in Q3 2024, supported by revenue and income growth, operational efficiency, and strategic acquisitions.
The company's focus on maintaining a strong balance sheet, optimism for future growth, and market expectations position it well for potential expansion and profitability.
While facing challenges such as margin erosion and integration complexities, Patrick Industries has opportunities to leverage market trends, consumer demand, and strategic acquisitions for future growth.

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ELKHART, Ind. , Nov. 30, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, will participate in the upcoming Truist Securities 2023 Gaming, Lodging, Leisure and Restaurants Summit on December 7, 2023.

Patrick Industries to Participate in Upcoming 2023 Truist Conference

Patrick Industries' (PATK) regular dividend hikes boost shareholder value.

Patrick (PATK) Impresses Investors With 22% Dividend Hike

ELKHART, Ind. , Nov. 16, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) today announced that on November 15, 2023, its Board of Directors (the "Board") approved an increase in the amount of its quarterly cash dividend on its common stock to $0.55 per share from $0.45 per share.

Patrick Industries, Inc. Announces Increase to Regular Quarterly Cash Dividend

TEMPE, Ariz. , Oct. 31, 2023 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is pleased to announce the promotion of Joe Gonzalez to National Sales Manager.

ROCKFORD FOSGATE® PROMOTES JOE GONZALEZ TO NATIONAL SALES MANAGER

Available for select 2018-2023 Jeep Wrangler, and 2020+ Jeep Gladiator models, the  Rockford Fosgate sound systems deliver storied sound in a complete plug-and-play package TEMPE, Ariz. , Oct. 31, 2023 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio, announced the launch of its latest all-inclusive audio kits for select Jeep Wrangler and Jeep Gladiator models.

ROCKFORD FOSGATE ENHANCES ADVENTURE WITH ALL-NEW COMPLETE AUDIO SYSTEMS FOR JEEP WRANGLER AND GLADIATOR

ELKHART, Ind. , Oct. 31, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, will participate in the upcoming Baird Global Industrial Conference on November 7, 2023.

Patrick Industries to Participate in 2023 Baird Global Industrial Conference

Patrick Industries, Inc. (NASDAQ:PATK ) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET Company Participants Steve O'Hara - Vice President, Investor Relations Andy Nemeth - Chief Executive Officer Jeffrey Rodino - President Matthew Filer - Interim Chief Financial Officer Conference Call Participants Scott Stember - Roth MKM Daniel Moore - CJS Securities Michael Swartz - Truist Securities Noah Zatzkin - KeyBanc Capital Markets Craig Kennison - Baird Griffin Bryan - D.A. Davidson Operator Good morning, ladies and gentlemen, and welcome to Patrick Industries' Third Quarter 2023 Earnings Conference Call.

Patrick Industries, Inc. (PATK) Q3 2023 Earnings Call Transcript

Patrick Industries (PATK) came out with quarterly earnings of $1.81 per share, beating the Zacks Consensus Estimate of $1.72 per share. This compares to earnings of $2.43 per share a year ago.

Patrick Industries (PATK) Q3 Earnings and Revenues Surpass Estimates

Third Quarter 2023 Highlights (compared to Third Quarter 2022 unless otherwise noted) Net sales of $866 million decreased 22% as a result of lower wholesale unit shipments in our end markets and lower pricing passed on to our customers to reflect changes in certain commodity costs, partially offset by market share gains.  Diversification strategy, acquisitions, successful labor management and cost control, continuous improvement and automation initiatives resulted in operating margin resilience despite the sales decline, with operating margin declining 10 basis points to 8.2% during the quarter.

Patrick Industries, Inc. Reports Third Quarter 2023 Financial Results

Patrick Industries (PATK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Earnings Preview: Patrick Industries (PATK) Q3 Earnings Expected to Decline

Rockford Patrick, a subsidiary company of Patrick (PATK), partners with Thumper Fabrication to expand its SXS and UTV presence.

Patrick's (PATK) Rockford Partners With Thumper Fabrication

Strategically extending the distribution network for SXS and UTV products with authentic experience and a shared brand alignment. TEMPE, Ariz.

ROCKFORD FOSGATE PARTNERS WITH THUMPER FABRICATION FOR NATIONAL MOTORSPORTS DISTRIBUTION

ELKHART, Ind. , Oct. 12, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced that it will release its third quarter and nine months 2023 financial results before the market opens on Thursday, October 26, 2023.

Patrick Industries, Inc. Announces Third Quarter 2023 Earnings Release and Conference Call Webcast on October 26, 2023

Patrick Industries is a component solutions provider for various industries, including recreational vehicles and manufactured housing. The stock has rallied 23% year-to-date and is currently very attractively valued. According to a DCF simulation, the business is undervalued with an upside potential of 65%.

Patrick Industries: High-Quality Business With Attractive Valuation

Compatible with Two and Four door 2017 and newer Can-Am Defender Models,  the Rockford Fosgate Can-Am Stage 1 System Delivers a Seamless audio solution. TEMPE, Ariz.

ROCKFORD FOSGATE UNVEILS ALL-IN-ONE OVERHEAD AUDIO SYSTEM FOR CAN-AM DEFENDER MODELS

Available for Two- and Four-Seater 2018 and newer Polaris Ranger Models, the Rockford Fosgate Ranger Roof Audio System Delivers Epic Performance and Seamless Installation TEMPE, Ariz. , Sept. 12, 2023 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio, announced the launch of its latest innovation, the Ranger Roof Audio System.

ROCKFORD FOSGATE LITERALLY ELEVATES AUDIO FOR POLARIS RANGER WITH THE ALL-NEW, ALL-IN-ONE ROOF SYSTEM

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The PMX-HD14 radio is purpose built to deliver iconic features and performance TEMPE, Ariz. , July 28, 2023 /PRNewswire/ -- Rockford Fosgate ( www.rockfordfosgate.com ), the industry leader in high-performance audio systems, is excited to announce a new factory source unit replacement for 2014+ Harley-Davidson® touring motorcycles.

New Direct Fit Radio for 2014+ Harley-Davidson® Motorcycles by Rockford Fosgate®

Patrick Industries, Inc. (NASDAQ:PATK ) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants Steve O'Hara - VP, IR Andy Nemeth - CEO & Director Jeffrey Rodino - President Matthew Filer - Interim EVP, Finance, CFO & Treasurer Conference Call Participants Scott Stember - ROTH MKM Partners Noah Zatzkin - KeyBanc Capital Markets Craig Kennison - Robert W. Baird & Co. Daniel Moore - CJS Securities Griffin Bryan - D.A.

Patrick Industries, Inc. (PATK) Q2 2023 Earnings Call Transcript

TEMPE, Ariz. , July 27, 2023 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio, has partnered with the City of Sturgis for the ninth consecutive year as the "Official Motorcycle Audio Sponsor" of the Sturgis® Motorcycle Rally™ being held August 5th – 13th and will also be an official sponsor of the "20th Anniversary Mayor's Ride," held during the Motorcycle Rally™.

Rockford Fosgate® To Be On-site as the "Official Motorcycle Audio Sponsor" of the 83rd annual Sturgis® Motorcycle Rally™

Patrick Industries (PATK) came out with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.89 per share. This compares to earnings of $5.31 per share a year ago.

Patrick Industries (PATK) Q2 Earnings Top Estimates

Second Quarter 2023 Highlights (compared to Second Quarter 2022 unless otherwise noted) Net sales of $921 million decreased 38%, primarily due to a 44% reduction in RV industry wholesale unit shipments Gross profit of $210 million decreased 36%, gross margin increased 60 basis points to 22.8% Operating income of $76 million decreased 57%, operating margin decreased 360 basis points to 8.2% Net income of $42 million decreased 64% Diluted earnings per share of $1.94 decreased 59% Adjusted EBITDA of $114 million decreased 46%, adjusted EBITDA margin decreased 200 basis points to 12.4% Inventory reduction of $113 million from year-end 2022 and $184 million from the second quarter of 2022 Cash provided by operations of $179 million improved compared to cash provided by operations of $97 million in the second quarter of 2022 On a trailing twelve-month basis, free cash flow through the second quarter of 2023 was $444 million, an increase of 169% compared to $165 million through the second quarter of 2022 Returned $18 million to shareholders in the quarter, including $8 million through common share repurchases and $10 million through dividends ELKHART, Ind. , July 27, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Leisure Lifestyle and Housing markets, today reported financial results for the second quarter ended July 2, 2023.

Patrick Industries, Inc. Reports Second Quarter 2023 Financial Results

Earnings Preview: Patrick Industries (PATK) Q2 Earnings Expected to Decline

ELKHART, Ind. , July 13, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") today announced that it will release its second quarter and six months 2023 financial results before the market opens on Thursday, July 27, 2023.

News for Patrick Industries Stock (PATK)