Patrick Industries(US:PATK)2025-05-01 12:21Financial 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]