Patrick Industries, Inc. (NASDAQ:PATK) Q3 2024 Earnings Conference Call October 31, 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 Kip Ellis - President, Powersports, Technology & Housing Conference Call Participants Scott Stember - ROTH MKM Mike Swartz - Truist Securities Daniel Moore - CJS Securities Noah Zatzkin - KeyBanc Capital Markets Craig Kennison - Baird Tristan Thomas-Martin - BMO Capital Mar ...

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]

News Release Patrick Industries, Inc. Reports Third Quarter 2024 Financial Results 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 ...

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 ...