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. 28, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading national component solutions provider for the leisure lifestyle and housing markets, announced today that it has completed the acquisition of Elkhart, Indiana-based Transhield, a premier designer and manufacturer of customized and proprietary protection solutions for the marine, military and industrial markets.

PATRICK INDUSTRIES, INC. COMPLETES ACQUISITION OF TRANSHIELD

Following an extraordinary 2021 and 2022, Patrick Industries' both margins and net sales are expected to stabilize below current levels. The share price declined by ~44% from all-time highs.

Patrick Industries: Dividend Has Enormous Upside Potential

Patrick Industries, Inc. (NASDAQ:PATK ) Q3 2022 Earnings Conference Call October 27, 2022 10:00 AM ET Company Representatives Andy Nemeth - Chief Executive Officer Jeff Rodino - President Jake Petkovich - Chief Financial Officer Steve O'Hara - Vice President, Investor Relations Conference Call Participants Scott Stember - MKM Partners Daniel Moore - CJS Securities Rafe Jadrosich - Bank of America Operator Good morning ladies and gentlemen. Welcome to Patrick Industries, Third Quarter 2022 Earnings Conference Call.

Patrick Industries, Inc. (PATK) Q3 2022 Earnings Call Transcript

Patrick Industries (PATK) delivered earnings and revenue surprises of 20.30% and 0.48%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

Patrick Industries (PATK) Q3 Earnings Surpass Estimates

Third Quarter 2022 Highlights (compared to Third Quarter 2021 unless otherwise noted) Net sales of $1.11 billion increased 5%, reflecting growth in our marine and housing markets, partially offset by a 40% reduction in RV OEM shipments Gross profit of $236 million increased 14% Gross margin of 21.3% increased 170 basis points Operating income of $93 million Operating margin of 8.3% decreased 50 basis points Net income of $59 million increased 2% Diluted earnings per share of $2.43 includes a reduction for the impact of the accounting treatment for convertible notes of $0.20 per share Operating cash flows of $156 million increased 126% Returned $14 million to shareholders in the quarter, including $7 million through common stock purchases ELKHART, Ind. , Oct. 27, 2022 /PRNewswire/ --Patrick Industries, Inc. (NASDAQ: PATK), a leading component solutions provider for the Leisure Lifestyle and Housing markets today reported financial results for the third quarter ended September 25, 2022.

Patrick Industries, Inc. Reports Third Quarter 2022 Financial Results

ELKHART, Ind. , Oct. 13, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) today announced that it expects to release its third quarter and nine months 2022 financial results before the market opens on Thursday, October 27, 2022.

Patrick Industries, Inc. Announces Third Quarter 2022 Earnings Release and Conference Call Webcast on October 27, 2022

Let's see if Patrick Industries (PATK) stock is a good choice for value-oriented investors right now from multiple angles.

Is Patrick Industries (PATK) a Suitable Value Investor Stock?

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Are Investors Undervaluing Patrick Industries (PATK) Right Now?

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RV shipments for 2022 are envisioned in the band of 487,300-510,300 units, down from the prior guidance of 537,800-561,900 units and implying around 17% year-over-year decline at the midpoint of the guided range.

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Is Patrick Industries (PATK) Stock Undervalued Right Now?

Icons Collection Motorcycle Showcased During Hometown Rally™ TEMPE, Ariz. , Sept. 1, 2022 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is excited to announce that the latest edition to the Harley-Davidson® Icons Collection motorcycle line-up features an all-in-one audio solution designed specifically for the Low Rider® ST.

Harley-Davidson® Debuts Icons Collection Low Rider® ST Equipped with Rockford Fosgate® All-In-One Audio Solution

The consensus price target hints at a 28.1% upside potential for Patrick Industries (PATK). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

How Much Upside is Left in Patrick Industries (PATK)? Wall Street Analysts Think 28%

Although the shares are up nicely since I last wrote about this name, the valuation is even more compelling. Additionally, I think the dividend remains very well covered. Although the RV market may be volatile, I think the positive tailwinds remain intact here. In spite of this, the shares are priced wonderfully pessimistically in my view.

Adding To My Patrick Industries Position

ELKHART, Ind. , Aug. 15, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced that on August 11, 2022, the Company amended its credit agreement to expand its existing senior secured credit facility to $925 million from $700 million.

Patrick Industries, Inc. Announces Expansion of Credit Facility

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TEMPE, Ariz. , Aug. 2, 2022 /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 82nd annual Sturgis® Motorcycle Rally™

The consensus price target hints at a 26.2% upside potential for Patrick Industries (PATK). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

Wall Street Analysts Believe Patrick Industries (PATK) Could Rally 26%: Here's is How to Trade

Patrick Industries, Inc. (NASDAQ:PATK ) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET Company Participants Julie Ann Kotowski - Director, IR Andy Nemeth - CEO Jeffrey Rodino - President Jake Petkovich - CFO Conference Call Participants Brett Andress - KeyBanc Craig Kennison - Baird Scott Stember - MKM Partners Daniel Moore - CJS Securities Michael Swartz - Truist Securities Rafe Jadrosich - Bank of America Operator Good morning, ladies and gentlemen, and welcome to Patrick Industries Second Quarter 2022 Earnings Conference Call. My name is Robert, and I'll be your operator for today's call.

Patrick Industries, Inc. (PATK) CEO Andy Nemeth on Q2 2022 Results - Earnings Call Transcript

TEMPE, Ariz., July 29, 2022 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio, confirms the launch of new audio kits for Harley-Davidson® motorcycles.

Rockford Fosgate® Releases New 800-watt Audio Kits for Harley-Davidson® Motorcycles

Patrick Industries (PATK) delivered earnings and revenue surprises of 55.26% and 19.56%, respectively, for the quarter ended June 2022. Do the numbers hold clues to what lies ahead for the stock?

Patrick Industries (PATK) Beats Q2 Earnings and Revenue Estimates

Second Quarter 2022 Highlights (compared to Second Quarter 2021 unless otherwise noted) Net sales of $1.5 billion increased 45%, reflecting contributions from all end markets and from 2021 and 2022 acquisitions Gross profit of $327 million increased 60% Gross margin of 22.2% increased 220 basis points Operating income of $174 million increased 83% Operating margin of 11.8% increased 250 basis points Net income of $117 million increased 98% Diluted earnings per share of $4.79 increased 90%, and includes a reduction for the impact of the accounting treatment for convertible notes and purchase accounting inventory step-up adjustments totaling $0.52 per share Operating cash flows of $97 million increased 242% Acquired Diamondback Towers ELKHART, Ind., July 28, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK), a leading component solutions provider for the Leisure Lifestyle and Housing markets today reported financial results for the second quarter ended June 26, 2022.

Patrick Industries, Inc. Reports Second Quarter 2022 Financial Results

TEMPE, Ariz. , July 18, 2022 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio, unveils new aftermarket audio solutions purpose built for 2019+ RZR Pro XP® 2 and 4-seat vehicles.

Rockford Fosgate® Rolls Out 1500-watt Audio Kits Purpose Built for 2019+ Polaris RZR Pro XP®

ELKHART, Ind., July 14, 2022 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) today announced that it expects to release its second quarter and six months 2022 financial results before the market opens on Thursday, July 28, 2022.

News for Patrick Industries Stock (PATK)