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 ...

ELKHART, Ind., May 28, 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 the upcoming Baird 2024 Global Consumer, Technology & Services Conference being held from June 4-6, 2024. On June 4th, Andy Nemeth, Chief Executive Officer, and Andy Roeder, Chief Financial Officer, will participate in one-on-one meetings and a fireside chat with institutional investors and ...

About Patrick Industries, Inc. Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next- level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ……………… to ……………… Commission file number 000-03922 PATRICK INDUSTRIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpo ...

Patrick Industries, Inc. (NASDAQ:PATK) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET Company Participants Steve O'Hara - Vice President of Investor Relations Andy Nemeth - Chief Executive Officer Jeffrey Rodino - President Andrew Roeder - Executive Vice President, Finance, Chief Financial Officer, and Treasurer Kip Ellis - Executive Vice President, Operations and Chief Operating Officer Matt Filer - Senior Vice President, Finance Conference Call Participants Michael Swartz - Truist Securities Sco ...

News Release Patrick Industries, Inc. Reports First Quarter 2024 Financial Results First Quarter 2024 Highlights (compared to First Quarter 2023 unless otherwise noted) ELKHART, IN, May 2, 2024 – Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, today reported financial results for the first quarter ended March 31, 2024. Net sales increased 4% to $933 million, an increase of $33 million compared to the ...

Marine Industry Performance - The company's marine revenue mix is concentrated towards higher dollar units, particularly in the fiberglass and ski & wake segments, which began to see softness in demand in the second half of 2023[32] - U.S. retail expenditures on boats, engines, accessories, and related costs totaled approximately $59.3 billion in 2022, up approximately 4.4% from 2021[33] - Marine powerboat retail unit shipments decreased approximately 5% in 2023 compared to 2022, while marine wholesale unit shipments increased approximately 2% in 2023[34] Manufactured Housing Industry - The manufactured housing (MH) industry saw wholesale unit shipments increase from approximately 49,800 units in 2009 to approximately 89,200 units in 2023, after reaching a 15-year high of 112,900 units in 2022[36] Acquisitions and Financials - The company completed acquisitions for approximately $30 million in 2023 and approximately $804 million over the last three years[44] - A 100-basis point increase in Secured Overnight Financing Rate (SOFR) would result in an additional annual interest cost of approximately $1.3 million, based on average borrowings of $129.4 million[222] - The company’s debt obligations are primarily under SOFR-based interest rates, with a significant portion related to a Term Loan due in 2027[222] Customer Base and Sales - As of December 31, 2023, the company had approximately 4,400 active customers, with sales to Forest River and Thor accounting for 29%, 38%, and 42% of consolidated net sales for the years ended December 31, 2023, 2022, and 2021, respectively[53] Capital Expenditures and Inventory Management - Capital expenditures for 2023 consisted of $59 million, primarily for advanced manufacturing automation and equipment upgrades[47] - The company reduced its inventory in alignment with lower OEM production levels, believing that inventory levels as of December 31, 2023, are appropriately balanced with expected OEM production[57] Research and Development - The company’s research and development efforts are aimed at maintaining leadership positions in core products and developing new products and applications[52] Environmental Compliance - The company’s operations are subject to various environmental laws and regulations, including compliance with emission standards developed by the California Air Resources Board[58] Workforce and Human Capital Management - As of December 31, 2023, the company had approximately 10,000 team members, with 83% being hourly employees[65] - The company emphasizes human capital management, focusing on safety, well-being, and development programs for team members[66] - The company has implemented various leadership development and recruitment programs to foster an inclusive and diverse culture[67] - The company’s human capital management programs include mental health assistance and tuition reimbursement for team members[67] Risk Management and Operational Strategies - The company has a structured approach to risk management, including job safety analysis and ergonomic assessments to ensure a safe working environment[66] - The company’s operational strategies are influenced by seasonal industry trends and economic conditions affecting RV and marine sales[64] Community Involvement - The company has a commitment to community involvement initiatives, enhancing team member engagement and corporate responsibility[67] Commodity Price Exposure - The company is exposed to commodity price volatility, particularly for key raw materials like aluminum and fiberglass, which have fluctuated in 2023[223]

Patrick Industries, Inc. (NASDAQ:PATK) Q4 2023 Results Conference Call February 8, 2024 10:00 AM ET Company Participants Steve O’Hara - Vice President of Investor Relations Andy Nemeth - CEO Jeff Rodino - President RV Matt Filer - Interim CFO Kip Ellis - President, Powersports and Housing Conference Call Participants Mike Swartz - Truist Securities Craig Kennison - Baird Daniel Moore - CJS Securities Tristan Thomas-Martin - BMO Capital Markets Noah Zatzkin - KeyBanc Capital Markets Brandon Rollé - D.A. Davi ...

Company Overview - Patrick Industries is a supplier of components for RVs, manufactured homes, and marine sectors, led by CEO Todd Cleveland since 2009 [2] - The company has successfully integrated multiple acquisitions annually, benefiting from growth in the RV market and increased spending from baby boomers and millennials [2] Financial Performance - In 2022, Patrick Industries reported a 20% increase in sales to $4.88 billion, with operating profits of $496 million, slightly over 10% of sales [4] - Net earnings for 2022 were $328 million, equating to $13.49 per share, despite a $1.15 per share charge related to convertible notes [4] - The company experienced a decline in fourth-quarter revenues by 17% to $952 million, with GAAP earnings down to $1.68 per share [4] Recent Trends - Shares of Patrick Industries have seen significant volatility, dropping to $40 in 2022 due to inflation and growth concerns, but recovering to around $100 per share [4][6] - The business mix has diversified, with RV sales now accounting for less than half of total sales, while growth has been observed in the marine sector [4] 2023 Outlook - First quarter sales for 2023 fell by a third to $900 million, with quarterly EBITDA down to $97 million [5] - The company is projected to generate about $3.5 billion in annual sales and approximately $200 million in realistic earnings for the year, translating to around $9 per share [5] - A recent increase in the quarterly dividend to $0.55 per share reflects increased confidence, yielding just over 2% [5] Market Position - Patrick Industries is viewed as a long-term investment opportunity, with shares recently rallying about 40% since early November [6] - The company’s diversified business model and lower earnings multiples position it favorably in the market, despite facing inflationary pressures and economic concerns [6]

Thank you. Sure, Scott, this is Andy. I think that our aftermarket business was actually down just a little bit, which has been consistent with where it's been for a lot of the year. That being said, the margin profile on that business for us is very strong. And so it's performing a little bit better than our expectations as it relates to the margin, which is some of the benefit we've seen on that aftermarket side. So we're optimistic about it. I think, especially as you look at trends that we would expect ...