Third Quarter 2024 Highlights (compared to Third Quarter 2023 unless otherwise noted) Net sales increased 6% to $919 million driven by a 13% increase in Housing revenue and our first quarter acquisition of Sportech, which together more than offset a 21% decline in Marine revenue. Operating margin decreased 10 basis points to 8.1%. For the first nine months of 2024, adjusted operating margin improved 20 basis points to 7.8%. Net income increased 3% to $41 million. Diluted earnings per share of $1.80 included ...

ELKHART, Ind., Oct. 24, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced the closing of its previously announced private offering of $500 million aggregate principal amount of 6.375% Senior Notes due 2032 (the "Notes"), at an issue price of 100% of the principal amount of the Notes, in a private placement exempt from registration under the Securities Act of 1933 (the "Securities Act") on October 22, 2024. Net proceeds from the offering, together with ...

ELKHART, Ind., Oct. 17, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced that it will release its third quarter and nine months 2024 financial results before the market opens on Thursday, October 31, 2024. Patrick Industries will host a conference call on Thursday, October 31, 2024 at 10:00 a.m. Eastern Time to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional inve ...

ELKHART, Ind., Oct. 7, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced the pricing of its upsized private offering of $500 million aggregate principal amount of its 6.375% Senior Notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933 (the "Securities Act"). The size of the offering reflects an increase of $100 million in aggregate principal amount of the Notes from the previously announced offeri ...

ELKHART, Ind., Oct. 7, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced its intention to offer, subject to market conditions and other factors, $400 million aggregate principal amount of Senior Notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933 ("Securities Act"). The interest rate, redemption prices and other terms of the Notes are to be determined upon pricing of the offering. Patrick intend ...

ELKHART, Ind., Sept. 12, 2024 /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 D.A. Davidson's 23rd Annual Diversified Industrials & Services Conference on September 19, 2024. Andy Nemeth, Chief Executive Officer, and Kip Ellis, President – Powersports, Technology and Housing, will participate in one-on-one meetings with institutional investors and analysts. The con ...

ELKHART, Ind., Sept. 9, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced today that it has completed the acquisition of Bristol, Indiana-based ICON Direct, Inc., which operates as RecPro.com ("RecPro"), a leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets ...

ROCKFORD FOSGATE® PASSES THE TORCH, PAVING THE WAY FOR CONTINUED STRENGTH AND INNOVATION FOR THE NEXT FUTURE. TEMPE, Ariz., Aug. 19, 2024 /PRNewswire/ -- Rockford Fosgate, the industry leader in high-performance audio systems, is thrilled to announce two significant leadership changes within the company. Bill Jackson, who has served as President and CEO for the past 18 years, will transition to the role of Sr. Operations Business Advisor to Patrick Industries. Succeeding him, Zach Luke, a seasoned leader wi ...

Sales Performance - Net sales in Q2 2024 increased by $95.9 million, or 10%, to $1.02 billion compared to $920.7 million in Q2 2023, driven by higher wholesale unit shipments in the RV and housing markets [81]. - RV industry sales increased by $66.2 million, or 17%, in Q2 2024 due to increased production by RV OEM customers [81]. - Marine market sales decreased by $68.7 million, or 30%, in Q2 2024, attributed to a 27% decline in wholesale shipments compared to the prior year [81]. - Powersports market sales surged by $67.4 million, or 185%, in Q2 2024, primarily due to the acquisition of Sportech [74]. - Manufactured Housing (MH) market sales rose by $30.6 million, or 21%, in Q2 2024, driven by a 19% increase in industry wholesale unit volumes [75]. - Net sales in the first six months of 2024 increased by $129.3 million, or 7%, to $1.95 billion from $1.82 billion in the first six months of 2023 [82]. Financial Performance - Operating income for Q2 2024 was $84.7 million, representing an increase of 12% compared to $75.6 million in Q2 2023 [80]. - Net income for Q2 2024 was $47.9 million, a 13% increase from $42.4 million in Q2 2023 [80]. - Gross profit increased by $21.3 million, or 10%, to $231.3 million in Q2 2024 compared to $210.0 million in the prior year period, maintaining a gross profit margin of 22.8% [86]. - Sales in the Manufacturing segment rose by $69.9 million, or 10%, to $774.2 million in Q2 2024, with RV end market sales increasing by 21% [97]. - Sales in the Distribution segment increased by $30.5 million, or 13%, to $265.2 million in Q2 2024, driven by a 24% increase in MH end market sales [100]. - Operating income increased by $9.1 million, or 12%, to $84.7 million in Q2 2024, with an operating margin of 8.3% [90]. - SG&A expenses rose by $5.1 million, or 6%, to $83.6 million in Q2 2024, but decreased as a percentage of net sales to 8.2% from 8.5% [88]. - Interest expense increased by $2.0 million, or 11%, to $20.3 million in Q2 2024, reflecting higher debt levels and interest rates [91]. - Amortization of intangible assets increased by $4.5 million, or 22%, to $24.3 million in Q2 2024, primarily due to the Sportech acquisition [89]. - For the first six months of 2024, gross profit increased by $31.9 million, or 8%, to $436.1 million compared to $404.2 million in the prior year period [86]. Cash Flow and Liquidity - Net cash provided by operating activities was $172.7 million in the first six months of 2024, a decrease from $178.4 million in the same period of 2023 [108]. - Net cash used in investing activities increased to $386.8 million in the first six months of 2024, primarily due to business acquisitions totaling $330.7 million [109]. - Net cash provided by financing activities was $246.7 million in the first six months of 2024, compared to a cash outflow of $101.7 million in the same period of 2023 [110]. - As of June 30, 2024, the company had cash and cash equivalents of $44.0 million and $475.0 million available under the 2021 Credit Facility [103]. - The company was in compliance with financial covenants, with a consolidated secured net leverage ratio of 0.77 against a required maximum of 2.75 [107]. - The consolidated fixed charge coverage ratio was 3.34, exceeding the required minimum of 1.50 [107]. - A 100-basis point increase in SOFR would result in an additional annual interest cost of approximately $4.2 million based on $420.6 million of variable rate borrowings [117]. - The company utilized available borrowing capacity to fund the acquisition of Sportech in January 2024 [106]. - Working capital requirements are influenced by manufacturing volumes and customer payment cycles, which can vary significantly [104]. - The company continues to assess its liquidity position and potential sources of supplemental liquidity based on operating performance and market conditions [106]. Cost Management - Cost of goods sold in Q2 2024 increased by $74.6 million, or 10%, to $785.3 million, maintaining a flat percentage of net sales at 77.2% [84]. - The Company reported a decrease in cost of goods sold as a percentage of net sales by 20 basis points for the first six months of 2024 [85]. - Net sales attributable to acquisitions completed in the first six months of 2024 were approximately $137.7 million [97].

Patrick Industries, Inc. (NASDAQ:PATK) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants Steve O'Hara - VP, IR Andy Nemeth - CEO Jeffrey Rodino - President Andrew Roeder - EVP, Finance, CFO, and Treasurer Conference Call Participants Daniel Moore - CJS Securities Michael Swartz - Truist Securities Craig Kennison - Baird Scott Stember - ROTH MKM Noah Zatzkin - KeyBanc Capital Markets Tristan Thomas-Martin - BMO Capital Markets Operator Good morning, ladies and gentlemen, and we ...