Financial Performance - Fourth quarter net sales increased 8% to $846 million compared to $781 million in Q4 2023, driven by a 12% improvement in Housing end market revenue and acquisitions[4] - Operating income decreased 31% to $40 million, with an operating margin of 4.7%, down 260 basis points year-over-year; adjusted operating margin was 5.2%[5] - Net income for Q4 2024 was $15 million, or $0.42 per diluted share, compared to $31 million, or $0.94 per diluted share in Q4 2023; adjusted diluted EPS was $0.52[5] - Full year 2024 net sales reached $3.7 billion, a 7% increase from 2023, with adjusted EBITDA of $452 million, up 6%[10] - Net income for the year ended December 31, 2024, was $138,401, a slight decrease from $142,897 in 2023[21] - Basic earnings per share for the fourth quarter of 2024 was $0.45, down from $0.96 in the fourth quarter of 2023[21] - For the year ended December 31, 2024, net income was $138,401 thousand, slightly down from $142,897 thousand in 2023, with adjusted net income increasing to $146,242 thousand from $143,418 thousand[34] Cash Flow and Dividends - Free cash flow for 2024 was $251 million, with $55 million returned to shareholders through dividends and share repurchases[11] - Free cash flow for the year ended December 31, 2024, was $251,159, down from $349,685 in 2023[33] - The company reported a net cash provided by operating activities of $326,841 for the year ended December 31, 2024, compared to $408,672 in 2023[33] - The company declared a quarterly cash dividend of $0.40 per share, payable on March 3, 2025[14] Acquisitions and Market Presence - The company completed two key acquisitions in 2024: Sportech, LLC and RecPro, enhancing its presence in the Powersports and Outdoor Enthusiast markets[6] - Looking ahead, the company is optimistic about growth opportunities in the Outdoor Enthusiast space and plans to invest in inventory in anticipation of increased RV demand in 2025[13] - Revenue from the RV sector accounted for 42% of total revenue, with a 3% increase in wholesale RV industry unit shipments[7] Debt and Assets - Total debt at the end of Q4 2024 was approximately $1.3 billion, with a net leverage ratio of 2.7x; available liquidity was around $804 million[12] - Total assets increased to $3,020,954 as of December 31, 2024, compared to $2,562,448 in 2023[24] - Total current liabilities increased to $353,615 in 2024 from $308,496 in 2023[24] - The company’s goodwill and intangible assets increased to $1,600,125 in 2024, up from $1,288,546 in 2023, indicating potential growth through acquisitions[24] Profitability Metrics - Gross profit for the year ended December 31, 2024, was $835,890, up from $782,233 in 2023, reflecting a gross margin improvement[21] - Operating income for the fourth quarter of 2024 decreased to $39,592, down 30.9% from $57,316 in the same quarter of 2023[21] - Operating margin for Q4 2024 decreased to 4.7% from 7.3% in Q4 2023, while the adjusted operating margin was 5.2% compared to 7.3% in the previous year[34] - The adjusted operating margin for the year ended December 31, 2024, was 7.2%, slightly down from 7.5% in 2023[34] Other Financial Adjustments - The company incurred transaction costs of $4,998 thousand for the year ended December 31, 2024, which were not present in the previous year[34] - The loss on extinguishment of debt contributed $2,549 thousand to both the fourth quarter and the year ended December 31, 2024, with no such loss reported in the previous year[34] - The company reported a fair-value inventory step-up of $2,166 thousand for Q4 2024, compared to $87 thousand in Q4 2023[34] - The tax impact of adjustments for the year ended December 31, 2024, was $(2,694) thousand, compared to $(176) thousand in 2023[34] - The company experienced a three-for-two stock split on December 13, 2024, affecting the prior year periods' earnings per share calculations[34]

Fourth Quarter and Full Year 2024 Highlights (compared to Fourth Quarter and Full Year 2023 unless otherwise noted) Net sales for the fourth quarter and full year increased 8% to $846 million and 7% to $3.7 billion, respectively, reflecting the contribution of acquisitions, and higher revenue from our Housing and RV end markets. Operating margin for the fourth quarter and full year was 4.7% and 6.9%, respectively. Adjusted operating margin1 for the fourth quarter and full year was 5.2% and 7.2%, respectivel ...

TEMPE, Ariz., Feb. 4, 2025 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio systems, is excited to announce the new M2 Element Ready™ Subwoofers. Bringing unmatched reliability and deep, powerful bass, with enhanced responsiveness and superior thermal management. Built to handle any adventure, they were engineered to endure the toughest conditions. Introducing the new M2 Element Ready™ Subwoofers fromRockford Fosgate. The M2 subwoofers pack 400 w ...

ELKHART, Ind., Feb. 3, 2025 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that it has completed the acquisition of Elkhart, Indiana-based Elkhart Composites, Inc., a Thor Industries owned company. Marketing its products under the "Elkboard" brand name, Elkhart Composites manufactures composite products for sidewalls and ceilings, which are durable, lightweight, sustainable alternatives to wood products, for sale to Thor branded companies and other exte ...

The market expects Patrick Industries (PATK) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be ...

Product Launch - Rockford Fosgate introduces the 2025 lineup of Harley-Davidson powered by Rockford Fosgate Stage III speakers, designed for the 2023.5 and newer Street and Road Glide models [1][2] - The new lineup includes 6.5-inch fairing speakers and 6x9 saddlebag speakers, both featuring a 3-way bridge-mounted system and delivering 250 watts per speaker [3] - Design updates include Hot Rod Red trim rings and matching red badging on the grilles [3] Product Features - The speakers are engineered to align with rider positioning, ensuring music clarity despite wind, road, and exhaust noise [4] - The speakers are Element Ready™, designed to perform flawlessly in any weather conditions, including exposure to water, dust, and dirt [4] Availability and Packaging - Harley-Davidson® will offer Stage III in complete audio kits, which include 6.5-inch fairing speakers, 6x9 saddlebag speakers, a 500-watt primary amplifier, and a saddlebag installation kit, all in a single box [5] - The Stage III systems will be available through Harley-Davidson® dealerships and online at harley-davidson.com [5] Company Background - Rockford Fosgate is a leader in high-performance audio systems, marketed under the Rockford Fosgate® brand for mobile, motorcycle, motorsport, and marine audio aftermarket and OEM markets [5] - Rockford Corporation, the parent company, is headquartered in Tempe, Arizona, and is a wholly owned subsidiary of Patrick Industries, Inc (NASDAQ: PATK) [5]

ELKHART, Ind., Jan. 23, 2025 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced that it will release its fourth quarter and twelve months 2024 financial results before the market opens on Thursday, February 6, 2025.Patrick Industries will host a conference call on Thursday, February 6, 2025 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 in ...

Core Insights - Patrick Industries, Inc. will participate in Truist Securities 12th Annual Gaming, Lodging, Leisure & Restaurants Summit on December 12, 2024 [1] - The company's CEO Andy Nemeth and President Kip Ellis will engage in one-on-one meetings with institutional investors and analysts during the conference [2] Company Overview - Patrick Industries, Inc. is a leading component solutions provider for the RV, Marine, Powersports, and Housing markets, with a history dating back to 1959 [5] - The company employs approximately 10,000 skilled team members across the United States and is headquartered in Elkhart, IN [5] - Patrick Industries is home to over 85 leading brands, emphasizing quality, customer service, and innovation [5]

ELKHART, Ind., Nov. 25, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, will host an inaugural Investor Day on December 3, 2024 in New York, NY.During the event, members of Patrick's senior management team will provide updates on the Company's strategic initiatives, growth opportunities and long-term financial framework. The event will include formal presentations as well as Q&A ...

ELKHART, Ind., Nov. 19, 2024 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that on November 18, 2024, the Company's Board of Directors approved a three-for-two stock split of the Company's common stock, to be effected in the form of a stock dividend, payable as one additional share of common stock for every two shares of common stock held. Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been ...