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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Earnings data Q3 2024

Earnings data Q4 2024

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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Patrick Industries, a producer and distributor of components and building products, has seen its share price perform well despite financial performance lagging behind last year's figures. The company's Q1 2023 revenue was 32.9% lower than the previous year, largely due to a reduction in production by its RV OEM customers and a decline in the housing market. Despite the company's financial struggles, PATK stock is still considered cheap and has potential for additional upside, leading to a soft 'buy' rating.

Patrick Industries: Still Appealing Even After Significant Weakening

ELKHART, Ind. , May 26, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) today announced that on May 25, 2023, its Board of Directors declared a quarterly cash dividend on its common stock of $0.45 per share.

PATRICK INDUSTRIES, INC. DECLARES QUARTERLY CASH DIVIDEND

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ELKHART, Ind. , May 1, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Leisure Lifestyle and Housing markets, announced today that it has completed the acquisition of Elkhart, Indiana-based BTI Transport ("BTI"), a leader in marine transportation.

PATRICK INDUSTRIES, INC. COMPLETES ACQUISITION OF BTI TRANSPORT

Patrick Industries, Inc. (PATK) Q1 2023 Earnings Call Transcript.

Patrick Industries, Inc. (PATK) Q1 2023 Earnings Call Transcript

Patrick Industries (PATK) came out with quarterly earnings of $1.35 per share, beating the Zacks Consensus Estimate of $1.13 per share. This compares to earnings of $4.54 per share a year ago.

Patrick Industries (PATK) Tops Q1 Earnings and Revenue Estimates

First Quarter 2023 Highlights (compared to First Quarter 2022 unless otherwise noted) Net sales of $900 million decreased 33%, as 25% growth in our marine end-market sales partially offset the impact of a 54% reduction in RV industry wholesale shipments on our RV sales Gross profit of $194 million decreased 34%, gross margin decreased 40 basis points to 21.6% Operating income of $56 million decreased 65%, operating margin decreased 590 basis points to 6.2% Net income of $30 million decreased 73% Diluted earnings per share of $1.35 decreased 70% Adjusted EBITDA of $97 million decreased 49%, adjusted EBITDA margin decreased 350 basis points to 10.8% Cash used in operations of $1 million improved compared to cash used in operations of $23 million On a trailing twelve-month basis, free cash flow through the first quarter of 2023 was $352 million, an increase of 222% compared to $110 million through the first quarter of 2022 Returned $15 million to shareholders in the quarter, including $4 million through common share purchases and $11 million through dividends ELKHART, Ind. , April 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 first quarter ended April 2, 2023.

PATRICK INDUSTRIES, INC. REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS

Patrick Industries: An Attractive Valuation Makes This Compounder A Buy.

Patrick Industries: An Attractive Valuation Makes This Compounder A Buy

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) Q1 Earnings Expected to Decline

ELKHART, Ind., April 17, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") today announced that Jake Petkovich, Executive Vice President of Finance, Chief Financial Officer and Treasurer, will step down in May to accept a senior leadership position with another company. Mr. Petkovich, who has served as CFO of Patrick since November 2020, will remain in his current position until that time and provide support to ensure an orderly transition.

Patrick Industries, Inc. Announces Departure of Chief Financial Officer; Appoints Interim CFO

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

Patrick Industries, Inc. Announces First Quarter 2023 Earnings Release and Conference Call Webcast on April 27, 2023

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Although 2022 was a great year for Patrick Industries, the final quarter of the year was a time of weakness. This may be painful to the bullish case for some investors, but the company is already doing well on that front.

Patrick Industries: Recent Weakness Does Not Negate Upside

With its solid track record of growth and profitability, Patrick Industries has established itself as a leading supplier in the RV and marine industries. The company's stock performance has underperformed the S&P 500's total return significantly over the past five years, leaving investors disappointed.

Why Patrick Industries Is A Solid Investment Opportunity

Patrick Industries, Inc. (NASDAQ:PATK ) Q4 2022 Earnings Conference Call February 9, 2023 10:00 AM ET Company Participants Steve O'Hara - Vice President, Investor Relations Andy Nemeth - Chief Executive Officer Jeff Rodino - President Jake Petkovich - Chief Financial Officer Conference Call Participants Scott Stember - ROTH MKM Partners Mike Swartz - Truist Securities Daniel Moore - CJS Securities Craig Kennison - Baird Rafe Jadrosich - Bank of America Operator Good morning, ladies and gentlemen, and welcome to Patrick Industries' Fourth Quarter 2022 Earnings Conference Call. My name is Latanya, and I'll be your operator for today's call.

Patrick Industries, Inc. (PATK) Q4 2022 Earnings Call Transcript

Patrick Industries (PATK) delivered earnings and revenue surprises of 6.43% and 2.79%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

Patrick Industries (PATK) Beats Q4 Earnings and Revenue Estimates

Fourth Quarter 2022 Highlights (compared to Fourth Quarter 2021 unless otherwise noted) Net sales of $952 million decreased 17%, with increased marine and manufactured housing revenue partially offsetting a 47% wholesale unit shipment decline in the RV end market Gross margin of 21.1% increased 130 basis points Operating income of $68 million decreased 29% Operating margin of 7.1% decreased 120 basis points Net income of $40 million decreased 34% Diluted earnings per share decreased 36% to $1.68, including a reduction of $0.14 per share for the impact of the accounting treatment for convertible notes Adjusted EBITDA of $108 million decreased 16% Operating cash flows of $182 million increased 74% Acquisition of Transhield Increased share repurchase authorization to $100 million Release of inaugural Responsibility & Sustainability Report in December Full Year 2022 Highlights (compared to Full Year 2021 unless otherwise noted) Net sales of $4.9 billion increased 20% Gross margin of 21.7% increased 210 basis points Operating income of $496 million increased 41% Operating margin of 10.2% increased 160 basis points Net income of $328 million increased 46% Diluted earnings per share increased 40% to $13.49, including a reduction of $1.15 per share for the impact of the accounting treatment for convertible notes Adjusted EBITDA of $643 million increased 34% Operating cash flows of $412 million increased 63% Repurchased 1,325,564 shares for a total of $77 million and returned $33 million in dividends to our shareholders ELKHART, Ind. , Feb. 9, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company"), a leading component solutions provider for the Leisure Lifestyle and Housing markets, today reported financial results for the fourth quarter and full year ended December 31, 2022.

PATRICK INDUSTRIES, INC. REPORTS FOURTH QUARTER AND RECORD FULL YEAR 2022 FINANCIAL RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND

ELKHART, Ind. , Jan. 26, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") today announced it will release its fourth quarter and twelve months 2022 financial results before the market opens on Thursday, February 9, 2023.

PATRICK INDUSTRIES, INC. ANNOUNCES FOURTH QUARTER 2022 EARNINGS RELEASE AND CONFERENCE CALL WEBCAST ON FEBRUARY 9, 2023

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ELKHART, Ind. , Dec. 29, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company"), a leading component solutions provider for the Leisure Lifestyle and Housing markets, today announced the publication of its inaugural Responsibility & Sustainability Report (the "Report").

PATRICK INDUSTRIES, INC. PUBLISHES INAUGURAL RESPONSIBILITY & SUSTAINABILITY REPORT

ELKHART, Ind. , Dec. 14, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the "Company") announced that on December 12, 2022, its Board of Directors (the "Board") authorized an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the current stock repurchase program to $100.0 million, including the $38.2 million remaining under the previous authorization.

PATRICK INDUSTRIES, INC. ANNOUNCES INCREASED SHARE REPURCHASE AUTHORIZATION

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Patrick's end markets are cyclical, but have stable oligopolistic structures and consistent histories of solid value creation for shareholders. From a strategic point of view, PATK's business strengths are switching costs, process power and, less so, economies of scale.

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