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Patrick Industries Inc. (NASDAQ: PATK) is a premier manufacturer and distributor of building products and materials, primarily serving the manufactured housing (MH) and recreational vehicle (RV) industries in the United States. Established in 1959 and headquartered in Elkhart, Indiana, Patrick Industries employs approximately 10,000 team members across the country. The company's mission is to provide high-quality products and innovative solutions to enhance the living and recreational experiences of its customers.
Patrick Industries operates through two main segments: Manufacturing and Distribution. The Manufacturing segment, contributing to the majority of the revenue, produces a range of products such as laminated panels, vinyl and paper-wrapped products, furniture, cabinets, bath fixtures, and countertops. The Distribution segment supplies pre-finished wall and ceiling panels, electrical products, plumbing products, and other essential components for the RV and MH markets.
Beyond RVs and MH, Patrick Industries extends its reach to the industrial market, catering to sectors like kitchen cabinets, office and household furniture, fixtures, commercial furnishings, marine, architectural, and the automotive aftermarket. In particular, Patrick Industries is noted for its strategic approach in maintaining strong partnerships and continuously enhancing its product portfolio through innovation and acquisitions.
Recent Achievements and Financial Performance: In the third quarter of 2023, Patrick Industries reported net sales of $866 million, reflecting a decrease of 22% compared to the same period in 2022. Despite the reduction in sales due to lower shipment volumes and pricing adjustments, the company achieved operating margins of 8.2%. Efforts to manage costs, reduce inventory by $150 million from year-end 2022, and repay $112 million of long-term debt highlighted the company's disciplined financial management.
Patrick Industries recently completed the acquisition of Sportech, LLC, a leading designer and manufacturer of high-value components for the powersports market, for $315 million. This acquisition is expected to drive strategic growth and expand Patrick's presence in the outdoor enthusiast market.
The company remains focused on long-term growth through strategic capital deployment, continuous improvement in operational efficiencies, and a commitment to customer satisfaction. With a robust liquidity position of approximately $700 million and a diversified product portfolio, Patrick Industries is well-positioned to navigate market fluctuations and capitalize on emerging opportunities.
Rockford Fosgate has launched a new rear subwoofer kit specifically designed for Polaris RZR side-by-sides. The 400-watt system is compatible with 2020-2024 Pro-XP, 2022-2024 Turbo-R, and 2022-2024 Pro-R 4-seat models. The kit features plug-and-play installation without drilling or cutting requirements.
The system incorporates RF3™ technology for factory-fit matching and includes an oval ported enclosure optimized for maximum bass output. A port cap is provided for waterproofing in wet conditions. The kit is built with Element Ready® design to withstand water, dust, and mud exposure. The product is now available through authorized dealers and the company's website.
Patrick Industries (NASDAQ: PATK) has completed the acquisition of Medallion Instrumentation Systems, a Michigan-based provider of customized instrumentation and vehicle electronics for marine, RV, powersports, on-highway and military markets. Medallion, which generated approximately $38 million in revenue in 2024, specializes in digital switching, lighting controls, integrated audio, sensor products, wire harnessing, gauges, and LCD touchscreen displays.
The acquisition strengthens Patrick's ability to provide complete technology solutions in the Outdoor Enthusiast space, particularly addressing growing customer preferences for digital switching and custom displays. Medallion will continue operating under its existing brand name and from its current facility, maintaining its market presence while benefiting from Patrick's resources and capabilities.
Patrick Industries (NASDAQ: PATK) reported Q4 and full-year 2024 financial results. Q4 net sales increased 8% to $846 million, while full-year sales grew 7% to $3.7 billion. Q4 operating margin was 4.7% (5.2% adjusted), and full-year operating margin reached 6.9% (7.2% adjusted).
Q4 diluted EPS was $0.42 ($0.52 adjusted), while full-year EPS reached $4.11 ($4.34 adjusted). The company generated $251 million in free cash flow for 2024 and returned $55 million to shareholders through dividends and share repurchases. Notable developments included the acquisitions of Sportech and RecPro, strengthening the company's Powersports and Outdoor Enthusiast segments. The company also refinanced debt through a $500 million Senior Notes issuance and increased its share repurchase authorization to $200 million.
Rockford Fosgate has unveiled its new M2 Element Ready™ Subwoofers, featuring 400 watts of power in a 10-inch design. The subwoofers incorporate advanced technologies including Nano Cell Direct Injection Technology and a composite voice coil engineered for extreme conditions.
The new subwoofers offer flexible installation options with infinite baffle or sealed enclosures, and dual 2-ohm or dual 4-ohm impedance models. Key features include wet-wound voice coils for improved heat dissipation, a composite spider design with epoxy securing, and an aluminum radiator ring for enhanced heat management.
The product is designed for durability and performance in challenging environments, with reinforced components and advanced thermal management systems. The M2 subwoofers are currently available through authorized dealers and the company's website.
Patrick Industries (NASDAQ: PATK) has completed the acquisition of Elkhart Composites, a Thor Industries-owned company based in Elkhart, Indiana. Elkhart Composites, known for its 'Elkboard' brand, manufactures composite products for sidewalls and ceilings as sustainable alternatives to wood products, serving Thor branded companies and other external customers.
The acquisition strengthens Patrick's composite panel solutions portfolio and aligns with their commitment to serving RV and Marine OEM customers. Patrick Industries, founded in 1959, is a leading component solutions provider for RV, Marine, Powersports, and Housing markets, operating with more than 85 brands and employing approximately 10,000 skilled team members throughout the United States.
Rockford Fosgate has unveiled its 2025 lineup of Harley-Davidson Stage III audio systems, specifically designed for 2023.5 and newer Street and Road Glide models. The new lineup features 6.5-inch fairing speakers and 6x9 saddlebag speakers, both incorporating a 3-way bridge-mounted system delivering 250 watts per speaker. Design updates include Hot Rod Red trim rings and matching red badging on the grilles.
The speakers are engineered to optimize sound clarity for rider positioning and feature Element Ready™ technology for all-weather performance. Harley-Davidson will offer complete Stage III audio kits that include the speakers, a 500-watt primary amplifier, and saddlebag installation kit. The systems will be available through Harley-Davidson dealerships and their website.
Patrick Industries (NASDAQ: PATK) has announced it will release its fourth quarter and full-year 2024 financial results before market opening on Thursday, February 6, 2025. The company will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss results and business matters.
The conference call's Q&A session will be restricted to institutional investors and analysts. Interested parties can join via the dial-in number (877) 407-9036 or listen to the live webcast on Patrick's website. A replay will be available on the company's investor relations website.
Patrick Industries is a leading component solutions provider for the RV, Marine, Powersports, and Housing markets, operating since 1959. The company encompasses over 85 brands and employs approximately 10,000 team members across the United States, with headquarters in Elkhart, Indiana.
Patrick Industries (NASDAQ: PATK), a leading component solutions provider for Outdoor Enthusiast and Housing markets, has announced its participation in the CJS Securities 25th Annual "New Ideas for the New Year" Conference on January 14, 2025. The virtual conference will feature Patrick in a fireside chat and one-on-one meetings with institutional investors and analysts.
Founded in 1959, Patrick Industries serves the RV, Marine, Powersports and Housing markets, operating with more than 85 leading brands. The company employs approximately 10,000 skilled team members across the United States and is headquartered in Elkhart, Indiana. Patrick's business model integrates design, manufacturing, distribution, and transportation in a comprehensive solutions approach, positioning itself as a trusted partner in the industry.
Rockford Fosgate, a global leader in high-performance audio systems, marks its 45th anniversary in 2025. Founded in 1980, the company has pioneered innovations across mobile, marine, motorcycle, and motorsports audio platforms. The company's foundation traces back to Jim Fosgate, recognized as the pioneer of car audio amplifiers, who first showcased Fosgate Electronics® at the 1973 Consumer Electronics Show in Chicago.
Under the leadership of President Zach Luke, the company continues to build on its legacy of innovation and customer service. To celebrate this milestone, Rockford Fosgate plans to launch special collaborations throughout the year, as announced by Marketing Director Tammy Lowe. The anniversary celebrates not just achievements but also acknowledges the contributions of employees, customers, and partners who have been integral to the company's success.
Patrick Industries (NASDAQ: PATK), a component solutions provider for Outdoor Enthusiast and Housing markets, has announced its participation in the Truist Securities 12th Annual Gaming, Lodging, Leisure & Restaurants Summit on December 12, 2024. The event will be held at the Encore Boston Harbor Hotel in Everett, MA.
CEO Andy Nemeth and President of Powersports, Technology and Housing Kip Ellis will conduct one-on-one meetings with institutional investors and analysts during the conference. Patrick Industries serves RV, Marine, Powersports, and Housing markets, managing over 85 brands and employing approximately 10,000 team members across the United States since its establishment in 1959.
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