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 ...

TEMPE, Ariz., Aug. 2, 2024 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio systems, is thrilled to partner with Polaris® to deliver Apex Audio Performance in select 2025 RZR models, including the new RZR Pro R, Pro S, and Pro XP Ultimate vehicles. Rockford Fosgate the industry leader in high-performance audio systems, is thrilled to partner with Polaris® to deliver Apex Audio Performance in select 2025 RZR models, including the new RZR Pro R, Pro S, ...

Patrick Industries (PATK) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $2.04 per share. This compares to earnings of $1.94 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5.88%. A quarter ago, it was expected that this building products manufacturer would post earnings of $1.32 per share when it actually produced earnings of $1.79, delivering a surprise of 35.61%. Over the last ...

News Release Patrick Industries, Inc. Reports Second Quarter 2024 Financial Results Second Quarter 2024 Highlights (compared to Second Quarter 2023 unless otherwise noted) • Net sales increased 10% to $1.02 billion driven by a 17% increase in RV revenue, an 11% increase in Housing revenue, and our first quarter acquisition of Sportech, which together more than offset a 30% decline in Marine revenue. • Operating margin increased 10 basis points to 8.3%. For the first six months of 2024, operating margin on a ...

Second Quarter 2024 Highlights (compared to Second Quarter 2023 unless otherwise noted) Net sales increased 10% to $1.02 billion driven by a 17% increase in RV revenue, an 11% increase in Housing revenue, and our first quarter acquisition of Sportech, which together more than offset a 30% decline in Marine revenue. Operating margin increased 10 basis points to 8.3%. For the first six months of 2024, operating margin on an adjusted basis improved 40 basis points to 7.7%. Net income increased 13% to $48 milli ...

Patrick Industries will host a conference call on Thursday, August 1, 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 investors and analysts. The dial-in number for the live conference call is (877) 407-9036. Interested parties are invited to listen to a live webcast of the call on Patrick's website at www.patrickind.com under "For Investors." A replay of the conference call will also ...

Core Insights - Rockford Fosgate has launched a new 300-watt subwoofer system specifically designed for Harley-Davidson® CVO touring bikes, enhancing the audio experience for riders [1][3] - The subwoofer system is engineered for easy removal from the saddlebag, providing flexibility for riders to enjoy bass when desired while maintaining storage space [2] - The system incorporates proprietary technologies such as R-Tune® and Motorcycle Dynamic EQ (M-DEQ™) to optimize sound quality against road noise and speed [4] Product Features - The subwoofer system is designed for superior bass performance, featuring X-Max and magnets that enhance loudness and strength of bass response [2] - It includes Bass Management Enhancement (BME) technology that adapts to speed and road noise, maximizing bass output at any volume [4] - Options for adding one or two 10-inch subwoofers are available for bikes equipped with a four-speaker audio system, requiring a 600-watt secondary amplifier [6] Availability - The new subwoofer systems will be available through Harley-Davidson® dealerships and online at harley-davidson.com [5]

ELKHART, Ind., July 2, 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 CJS Securities 24th Annual "New Ideas" Summer Conference on July 10, 2024. Andy Nemeth, Chief Executive Officer, will give a presentation and participate in one-on-one meetings with institutional investors and analysts. The conference will be held at the Metropolis Country Club in White Pla ...

TEMPE, Ariz., July 2, 2024 /PRNewswire/ -- Rockford Fosgate (www.rockfordfosgate.com), the industry leader in high-performance audio, has partnered with the City of Sturgis for the tenth consecutive year as the "Official Motorcycle Audio Sponsor" of the Sturgis® Motorcycle Rally™ being held August 2nd – 10th and will also be an official sponsor of the "22nd Anniversary Mayor's Ride," held during the Motorcycle Rally™. Rockford Fosgate® - "Official Motorcycle Audio Sponsor" of the 84th Annual Sturgis® Motorc ...