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Patrick Industries (PATK) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Company Participants Stephen O'Hara - Vice President of Investor RelationsAndy Nemeth - Chairman & CEOJeffrey Rodino - President of RVAndrew Roeder - CFO, Executive VP of Finance & TreasurerMichael Swartz - Director - Equity ResearchJoseph Altobello - Managing DirectorTristan Thomas - Equity Research AssociateAlexander Perry - Director, Equity ResearchAlice Wycklendt - Senior Equity Research AssociateDaniel Moore - Partner - Director o ...

Group 1: Earnings Performance - Patrick Industries reported quarterly earnings of $1.11 per share, exceeding the Zacks Consensus Estimate of $0.98 per share, but down from $1.19 per share a year ago, representing an earnings surprise of 13.27% [1] - The company posted revenues of $1 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.11%, compared to year-ago revenues of $933.49 million [2] - Over the last four quarters, Patrick Industries has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Patrick Industries shares have declined approximately 7.3% since the beginning of the year, while the S&P 500 has decreased by 5.3% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $1.55 on revenues of $1.06 billion, and for the current fiscal year, it is $5.21 on revenues of $3.96 billion [7] Group 3: Industry Context - The Building Products - Mobile Homes and RV Builders industry, to which Patrick Industries belongs, is currently ranked in the bottom 6% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Patrick Industries' stock performance [5][6]

Patrick Industries (PATK) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Speaker0 Good morning, ladies and gentlemen, and welcome to Patrick Industries' First Quarter twenty twenty five Earnings Conference Call. My name is Shamali, and I'll be your operator for today's call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note that this conference is being recorded. And I will now turn the call over to Mr. Steve O'Hara, Vice ...

Q1 2025 Earnings Presentation May 1, 2025 Forward-Looking Statements USE OF NON-GAAP FINANCIAL MEASURES This presentation contains non-GAAP financial measures. These measures, the purposes for which management uses them, why management believes they are useful to investors, and a reconciliation to the most directly comparable GAAP financial measures can be found in the Appendix of this presentation. All references to profit measures and earnings per share on a comparable basis exclude items that affect comp ...

Financial Performance - Net sales increased by 7% to $1.0 billion, driven by a 14% growth in the RV market and a 7% growth in the Housing market, offsetting a 4% decline in Marine revenue and a 2% decline in Powersports revenue[2][4] - Operating income rose approximately 10% to $66 million, with an operating margin of 6.5%, a slight increase of 10 basis points from the previous year[3][4] - Net income increased by 9% to $38 million, or $1.11 per diluted share, compared to $35 million, or $1.06 per diluted share, in the first quarter of 2024[3][4] - Adjusted EBITDA increased by 4% to $108 million, with an adjusted EBITDA margin decreasing by 40 basis points to 11.5%[4] - Basic earnings per common share increased to $1.17 for the first quarter of 2025, compared to $1.08 for the same period in 2024, marking a rise of 8.4%[22] - Adjusted diluted earnings per share remained stable at $1.11 for the first quarter of 2025, compared to $1.19 in the same quarter of 2024[26] Cash Flow and Shareholder Returns - Cash flow from operating activities grew to $40 million, up from $35 million in the same period last year, with free cash flow on a trailing twelve-month basis at $251 million[4][7] - The company returned over $22 million to shareholders, including share repurchases of $8.5 million and quarterly dividends of $14 million[4][9] - Free cash flow for the trailing twelve months ended March 30, 2025, was $251,384 thousand, down from $390,582 thousand for the same period in 2024, indicating a decrease of 35.7%[25] Acquisitions and Market Position - Completed acquisitions of Elkhart Composites, Inc. and Medallion Instrumentation Systems, LLC, enhancing product offerings and market reach[4][5] Debt and Liabilities - Total debt at the end of the first quarter was approximately $1.4 billion, resulting in a total net leverage ratio of 2.7x[4][9] - Total current liabilities rose to $404,822 thousand as of March 30, 2025, up from $353,615 thousand at December 31, 2024, an increase of 14.5%[19] Assets and Financial Position - Total assets increased to $3,186,777 thousand as of March 30, 2025, up from $3,020,954 thousand at December 31, 2024, representing a growth of 5.5%[19] - The company reported a net cash increase of $53,000 thousand in cash and cash equivalents, ending the period with $86,561 thousand compared to $33,561 thousand at the beginning of the year[20] Economic Outlook - The company anticipates macroeconomic uncertainty due to tariff rollouts but remains committed to executing its strategic initiatives and maintaining financial flexibility[10] Market Metrics - Estimated content per wholesale RV unit remained flat at $4,870, while estimated content per wholesale MH unit increased by 4% to $6,671 compared to the prior year[8] Business Activities - The company incurred $45,915 thousand in business acquisitions and other investing activities during the first quarter of 2025, compared to $355,229 thousand in the same period of 2024[20] - Operating margin for the first quarter of 2025 was 6.5%, slightly up from 6.4% in the same quarter of 2024[26] - Adjusted EBITDA for the first quarter of 2025 was $115,570 thousand, compared to $110,943 thousand in the first quarter of 2024, reflecting a year-over-year increase of 4.7%[25] - Net income for the first quarter ended March 30, 2025, was $38,238 thousand, a 6.1% increase compared to $35,093 thousand for the same period in 2024[20]

First Quarter 2025 Highlights (compared to First Quarter 2024 unless otherwise noted) Net sales increased 7% to $1.0 billion, driven by revenue growth of 14% and 7% in the Company's RV and Housing markets, respectively, which more than offset a 4% decline in Marine revenue and a 2% decline in Powersports revenue. Operating margin increased 10 basis points to 6.5%. Adjusted operating margin1 was 6.5% compared to 7.0% in the first quarter of 2024. Net income was $38 million and diluted earnings per share (EPS ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Patrick Industries (PATK) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 1, 2025, might help the stock move higher if these key numbers are better than ex ...

ELKHART, Ind., April 17, 2025 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") today announced that it will release its first quarter 2025 financial results before the market opens on Thursday, May 1, 2025. Patrick Industries will host a conference call on Thursday, May 1, 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 investors and analysts. The d ...

Core Insights - Patrick Industries, Inc. is a leading component solutions provider for the RV, Marine, Powersports, and Housing markets, emphasizing a customer-focused approach and innovation [3]. Company Participation in Conferences - The company will participate in three investor conferences in March 2025, including the Raymond James 46th Annual Institutional Investors Conference, Bank of America's Consumer and Retail Conference, and the 37th Annual Roth Conference [1][6]. Company Overview - Founded in 1959, Patrick Industries has over 85 leading brands and employs approximately 10,000 skilled team members across the United States, focusing on quality and customer service [3].