Patrick Industries Inc.

Latest Results (13.06.2024):

Revenue Growth

In the first quarter of 2024, Patrick Industries Inc. reported a revenue increase of 4%, totaling $933 million. This growth was primarily fueled by a 15% increase in RV revenue and a 5% increase in housing revenue, alongside contributions from the recent acquisition of Sportech, LLC. These factors helped to compensate for a decline in marine revenue.

Net Income and Earnings Per Share

Patrick Industries Inc. saw its net income rise by 16% in the first quarter of 2024, reaching $35 million, up from $30 million in the same quarter the previous year. Diluted earnings per share also increased by 18% to $1.59, compared to $1.35 in the first quarter of 2023. Adjusted for acquisition-related costs, diluted earnings per share rose by 31% to $1.79.

Operational Efficiency

The company's operating income for the first quarter of 2024 was $59 million, showing an improvement from $56 million in the first quarter of 2023. The operating margin also increased from 6.2% to 6.4%, reflecting better absorption of fixed costs within the RV businesses and benefits from previous cost-saving initiatives.

Cash Flow and Capital Allocation

During the first quarter of 2024, Patrick Industries Inc. generated $35 million in cash from operations, a significant improvement from the $1 million used in operations during the same period last year. The company also continued its commitment to shareholder returns, distributing approximately $13 million through dividends and maintaining an opportunistic stance on share repurchases with $78 million authorized remaining under the current plan.

Future Outlook

Looking ahead, Patrick Industries Inc. remains optimistic about its market positions and growth prospects, particularly with expected stabilization in the marine sector and ongoing growth in the RV and manufactured housing markets. The company continues to focus on innovation and strategic acquisitions to drive further organic growth and enhance shareholder value.