Patrick Industries (PATK) Q3 Earnings and Revenues Miss Estimates

Company Performance - Patrick Industries reported quarterly earnings of $1.80 per share, missing the Zacks Consensus Estimate of$ 1.83 per share, and showing a slight decrease from $1.81 per share a year ago, resulting in an earnings surprise of -1.64% [1] - The company posted revenues of$ 919.44 million for the quarter ended September 2024, which was 2.89% below the Zacks Consensus Estimate, but an increase from $866.07 million in the same quarter last year [2] - Over the last four quarters, Patrick Industries has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Patrick Industries shares have increased approximately 33.5% since the beginning of the year, outperforming the S&P 500's gain of 21.9% [3] - The current consensus EPS estimate for the upcoming quarter is$ 1.47 on revenues of $867.73 million, and for the current fiscal year, it is$ 7.21 on revenues of $3.76 billion [7] Industry Outlook - The Building Products - Mobile Homes and RV Builders industry, to which Patrick Industries belongs, is currently ranked in the bottom 11% of over 250 Zacks industries, indicating potential challenges ahead [8] - The outlook for the industry can significantly impact the stock's performance, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]