Patrick Industries, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Declares Quarterly Cash Dividend
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.
Patrick Industries (NASDAQ: PATK) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024. Le vendite nette del Q4 sono aumentate dell'8% a $846 milioni, mentre le vendite annuali sono cresciute del 7% a $3,7 miliardi. Il margine operativo del Q4 è stato del 4,7% (5,2% rettificato), e il margine operativo annuale ha raggiunto il 6,9% (7,2% rettificato).
Il guadagno per azione diluito del Q4 è stato di $0,42 ($0,52 rettificato), mentre il guadagno per azione annuale ha raggiunto $4,11 ($4,34 rettificato). L'azienda ha generato $251 milioni di flusso di cassa libero per il 2024 e ha restituito $55 milioni agli azionisti attraverso dividendi e riacquisti di azioni. Sviluppi significativi hanno incluso le acquisizioni di Sportech e RecPro, rafforzando i segmenti Powersports e Outdoor Enthusiast dell'azienda. L’azienda ha anche ristrutturato il debito attraverso un'emissione di obbligazioni senior da $500 milioni e ha aumentato la propria autorizzazione al riacquisto delle azioni a $200 milioni.
Patrick Industries (NASDAQ: PATK) reportó los resultados financieros del Q4 y del año completo 2024. Las ventas netas del Q4 aumentaron un 8% a $846 millones, mientras que las ventas del año completo crecieron un 7% a $3.7 mil millones. El margen operativo del Q4 fue del 4.7% (5.2% ajustado), y el margen operativo del año completo alcanzó el 6.9% (7.2% ajustado).
El EPS diluido del Q4 fue de $0.42 ($0.52 ajustado), mientras que el EPS del año completo alcanzó $4.11 ($4.34 ajustado). La empresa generó $251 millones en flujo de caja libre para 2024 y devolvió $55 millones a los accionistas a través de dividendos y recompra de acciones. Los desarrollos notables incluyeron las adquisiciones de Sportech y RecPro, fortaleciendo los segmentos de Powersports y Outdoor Enthusiast de la compañía. La empresa también refinanció su deuda mediante una emisión de Notas Senior de $500 millones y aumentó su autorización para la recompra de acciones a $200 millones.
패트릭 인더스트리즈 (NASDAQ: PATK)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 순매출은 8% 증가하여 8억 4600만 달러에 이르렀고, 연간 매출은 7% 증가하여 37억 달러에 도달했습니다. 4분기 운영 마진은 4.7% (조정 후 5.2%)였고, 연간 운영 마진은 6.9% (조정 후 7.2%)에 도달했습니다.
4분기 희석 주당순이익은 $0.42 ($0.52 조정 후)였고, 연간 주당순이익은 $4.11 ($4.34 조정 후)에 도달했습니다. 이 회사는 2024년에 2억 5100만 달러의 자유 현금을 생성했으며, 배당금 및 자사주 매입을 통해 주주에게 5500만 달러를 환원했습니다. 주목할 만한 개발 사항으로는 파워스포츠 및 아웃도어 애호가 세그먼트를 강화하는 Sportech 및 RecPro의 인수가 포함되었습니다. 이 회사는 또한 5억 달러 규모의 고급 사채를 발행하여 부채를 재융자했으며, 자사주 매입 한도를 2억 달러로 늘렸습니다.
Patrick Industries (NASDAQ: PATK) a publié ses résultats financiers pour le 4ème trimestre et pour l'année 2024. Les ventes nettes du 4ème trimestre ont augmenté de 8% pour atteindre 846 millions de dollars, tandis que les ventes de l'année entière ont crû de 7% à 3,7 milliards de dollars. La marge opérationnelle du 4ème trimestre était de 4,7% (5,2% ajustée), et la marge opérationnelle de l'année entière a atteint 6,9% (7,2% ajustée).
Le bénéfice par action dilué du 4ème trimestre s'élevait à 0,42 $ (0,52 $ ajusté), tandis que le bénéfice par action pour l'année entière atteignait 4,11 $ (4,34 $ ajusté). L'entreprise a généré 251 millions de dollars de flux de trésorerie libre pour 2024 et a retourné 55 millions de dollars aux actionnaires sous forme de dividendes et de rachats d'actions. Les développements notables comprenaient les acquisitions de Sportech et RecPro, renforçant les segments Powersports et Outdoor Enthusiast de l'entreprise. L'entreprise a également refinancé sa dette à travers une émission de billets de trésorerie de 500 millions de dollars et a augmenté son autorisation de rachat d'actions à 200 millions de dollars.
Patrick Industries (NASDAQ: PATK) hat die Finanzzahlen für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht. Die Nettoumsätze im 4. Quartal stiegen um 8% auf 846 Millionen Dollar, während die gesamten Umsätze um 7% auf 3,7 Milliarden Dollar wuchsen. Die operative Marge im 4. Quartal betrug 4,7% (5,2% bereinigt), und die operative Marge für das gesamte Jahr erreichte 6,9% (7,2% bereinigt).
Der verwässerte Gewinn pro Aktie im 4. Quartal betrug 0,42 Dollar (0,52 Dollar bereinigt), während der Gewinn pro Aktie für das gesamte Jahr 4,11 Dollar (4,34 Dollar bereinigt) erreichte. Das Unternehmen generierte im Jahr 2024 251 Millionen Dollar an freiem Cashflow und gab 55 Millionen Dollar an die Aktionäre in Form von Dividenden und Aktienrückkäufen zurück. Zu den bemerkenswerten Entwicklungen gehörten die Übernahmen von Sportech und RecPro, die die Segmente Powersports und Outdoor Enthusiast des Unternehmens stärken. Das Unternehmen refinanzierte auch Schulden durch die Emission von Senior Notes im Wert von 500 Millionen Dollar und erhöhte die Genehmigung für den Aktienrückkauf auf 200 Millionen Dollar.
- Net sales increased 8% in Q4 and 7% for full year 2024
- Full year adjusted EBITDA grew 6% to $452 million
- Strong free cash flow generation of $251 million in 2024
- Strategic acquisitions of Sportech and RecPro expanding market presence
- 9% increase in quarterly cash dividend
- Available liquidity of approximately $804 million
- Q4 operating income decreased 31% to $40 million
- Q4 operating margin declined 260 basis points to 4.7%
- Q4 net income dropped from $31 million to $15 million year-over-year
- Marine segment revenue decreased 17% in Q4
- Full year adjusted operating margin decreased 30 basis points to 7.2%
Insights
Patrick Industries' Q4 and FY2024 results reveal a company successfully navigating challenging market conditions while positioning for future growth. The
Notable segment performance shows diverging trends: Housing revenue grew 12%, outperforming the broader market as total housing starts declined
The company's financial management deserves attention: the refinancing of
Strategic acquisitions of Sportech and RecPro significantly enhance the company's market position. The Powersports segment's
Free cash flow generation of
Fourth Quarter and Full Year 2024 Highlights (compared to Fourth Quarter and Full Year 2023 unless otherwise noted)
- Net sales for the fourth quarter and full year increased
8% to$846 million 7% to$3.7 billion - Operating margin for the fourth quarter and full year was
4.7% and6.9% , respectively. Adjusted operating margin1 for the fourth quarter and full year was5.2% and7.2% , respectively. - Diluted earnings per share (EPS) for the fourth quarter and full year 2024 was
$0.42 $4.11 $0.52 $4.34 - Reported and adjusted diluted EPS1 for the fourth quarter and full year 2024 included an estimated
$0.02 $0.10 - Full year 2024 adjusted EBITDA1 of
$452 million 6% and full year 2024 adjusted EBITDA margin1 decreased 10 basis points to12.2% . - Free cash flow1 for 2024 was
$251 million $55 million - During 2024, Patrick strengthened its Powersports platform through the acquisition of Sportech, LLC in January, and significantly expanded its Outdoor Enthusiast aftermarket presence with the September acquisition of RecPro.
- In the fourth quarter, the Company amended and extended the maturity of its senior credit facility and issued
$500 million 6.375% Senior Notes due 2032. The Company redeemed its$300 million 7.50% Senior Notes due 2027 with a portion of the proceeds. - In November, the Company increased its share repurchase authorization to
$200 million 9% . Patrick executed a three-for-two stock split in December.
Fourth quarter net sales increased
Operating income of
Net income was
"Our team continued to execute in 2024 with a steadfast commitment to excellence and innovation, addressing evolving customer needs while advancing our long-term strategic objectives," said Andy Nemeth, Chief Executive Officer. "As we navigated dynamic markets facing demand and interest rate pressures, we prioritized optimizing our operations and elevating our customer first expectations, presence and capabilities. Last year was strategically significant, as we completed two key acquisitions: Sportech, which solidifies our platform in the Powersports market, and RecPro, which meaningfully expands our presence in the Outdoor Enthusiast aftermarket space. We also bolstered our liquidity and financial flexibility by expanding and extending our credit facility and by refinancing a portion of our debt, which extended our maturity horizon and reduced the average interest rate of our fixed rate debt, supporting our strong foundation to capitalize on future opportunities and drive shareholder value in 2025 and beyond."
Jeff Rodino, President – RV, said, "Last year, we continued to see diligent dealer inventory management due to high floorplan costs and uncertain consumer demand. Looking at 2025, we believe there are promising trends occurring in our RV market as the industry prepares for the upcoming selling season. While our experience suggests that RV tends to be the first of our Outdoor Enthusiast markets to improve after a down cycle, we will closely monitor the impact of interest rates and consumer confidence on all of our end markets and continue to drive our business for long-term profitable growth."
Fourth Quarter 2024 Revenue by Market Sector
(compared to Fourth Quarter 2023 unless otherwise noted)
RV (
- Revenue of
$358 million 1% while wholesale RV industry unit shipments increased3% . - Full year content per wholesale RV unit increased
1% to$4,870
Marine (
- Revenue of
$122 million 17% while estimated wholesale powerboat industry unit shipments decreased20% . Our Marine end market revenue previously included Powersports revenue, which we began to report separately following the Sportech acquisition. End market revenue and content per unit have been adjusted to reflect this change for the relevant periods. - Full year estimated content per wholesale powerboat unit decreased
3% to$3,967 1% .
Powersports (
- Revenue of
$78 million 228% , driven primarily by the acquisition of Sportech.
Housing (
- Revenue of
$288 million 12% ; wholesale MH industry unit shipments increased15% ; total housing starts decreased6% , with single-family housing starts decreasing5% and multifamily housing starts decreasing9% . - Full year content per wholesale MH unit increased
4% to$6,604 1% .
Full Year 2024 Results
Net sales of
Operating income of
Net income of
Balance Sheet, Cash Flow and Capital Allocation
Cash provided by operations for full year 2024 was
In alignment with our capital allocation strategy, we returned
Our total debt at the end of the fourth quarter of 2024 was approximately
Business Outlook and Summary
"We see significant opportunity across the Outdoor Enthusiast space and are optimistic about the long-term growth potential of our company and the markets we serve," continued Mr. Nemeth. "We have continued to make strategic investments in our business, including our automation initiatives and the creation of our Advanced Product Group, which highlights our commitment to forward-looking innovation and delivering cutting-edge product solutions to our customers. As we enter 2025, we remain nimble and well-positioned to support our markets and the scalability needs of our customers. We have utilized our cash flows to invest in inventory in anticipation of potential increased production levels in our RV markets, and have also focused on retaining key talent and resources in anticipation of our end markets improving. Looking ahead, we are optimistic about our end markets, favorable demographic trends, the earnings power of our business, our strong balance sheet and cash flow, and the unwavering commitment of our team members who are key to our continued momentum in 2025."
1 See additional information at the end of this release regarding non-GAAP financial measures. |
Quarterly Cash Dividend
On February 3, 2025, the Company's Board of Directors declared a quarterly cash dividend of
Conference Call Webcast
As previously announced, Patrick Industries will host an online webcast of its fourth quarter 2024 earnings conference call that can be accessed on the Company's website, www.patrickind.com, under "For Investors," on Thursday, February 6, 2025 at 10:00 a.m. Eastern time. In addition, a supplemental earnings presentation can be accessed on the Company's website, www.patrickind.com under "For Investors."
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 to quality, customer service, and innovation. Headquartered in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: the effects of external macroeconomic factors, including adverse developments in world financial markets, disruptions related to tariffs and other trade issues, and global supply chain interruptions; adverse economic and business conditions, including inflationary pressures, cyclicality and seasonality in the industries we sell our products; the effects of interest rate changes and other monetary and market fluctuations; the deterioration of the financial condition of our customers or suppliers; the ability to adjust our production schedules up or down quickly in response to rapid changes in demand; the loss of a significant customer; changes in consumer preferences; pricing pressures due to competition; conditions in the credit market limiting the ability of consumers and wholesale customers to obtain retail and wholesale financing for RVs, manufactured homes, and marine products; public health emergencies or pandemics, such as the COVID-19 pandemic; the imposition of, or changes in, restrictions and taxes on imports of raw materials and components used in our products; information technology performance and security, including our ability to deter cyberattacks or other information security incidents; any increased cost or limited availability of certain raw materials; the impact of governmental and environmental regulations, and our inability to comply with them; our level of indebtedness; the ability to remain in compliance with our credit agreement covenants; the availability and costs of labor and production facilities and the impact of labor shortages; inventory levels of retailers and manufacturers; the ability to manage working capital, including inventory and inventory obsolescence; the ability to generate cash flow or obtain financing to fund growth; future growth rates in the Company's core businesses; realization and impact of efficiency improvements and cost reductions; the successful integration of acquisitions and other growth initiatives; increases in interest rates and oil and gasoline prices; the ability to retain key executive and management personnel; the impact on our business resulting from wars and military conflicts such as war in
There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. In addition, future dividends are subject to Board approval. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.
PATRICK INDUSTRIES, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||
Fourth Quarter Ended | Year Ended | ||||||
($ and shares in thousands, except per share data) | December 31, | December 31, | December 31, | December 31, | |||
NET SALES | $ 846,123 | $ 781,187 | $ 3,715,683 | $ 3,468,045 | |||
Cost of goods sold | 658,896 | 602,285 | 2,879,793 | 2,685,812 | |||
GROSS PROFIT | 187,227 | 178,902 | 835,890 | 782,233 | |||
Operating Expenses: | |||||||
Warehouse and delivery | 41,768 | 34,381 | 155,821 | 143,921 | |||
Selling, general and administrative | 81,137 | 67,604 | 325,754 | 299,418 | |||
Amortization of intangible assets | 24,730 | 19,601 | 96,275 | 78,694 | |||
Total operating expenses | 147,635 | 121,586 | 577,850 | 522,033 | |||
OPERATING INCOME | 39,592 | 57,316 | 258,040 | 260,200 | |||
Interest expense, net | 18,987 | 15,319 | 79,470 | 68,942 | |||
Income before income taxes | 20,605 | 41,997 | 178,570 | 191,258 | |||
Income taxes | 6,047 | 11,180 | 40,169 | 48,361 | |||
NET INCOME | $ 14,558 | $ 30,817 | $ 138,401 | $ 142,897 | |||
BASIC EARNINGS PER COMMON SHARE (1) | $ 0.45 | $ 0.96 | $ 4.25 | $ 4.43 | |||
DILUTED EARNINGS PER COMMON SHARE (1) | $ 0.42 | $ 0.94 | $ 4.11 | $ 4.33 | |||
Weighted average shares outstanding - Basic (1) | 32,597 | 32,177 | 32,568 | 32,278 | |||
Weighted average shares outstanding - Diluted (1) | 34,447 | 32,871 | 33,699 | 33,038 | |||
(1) Prior year periods reflect the impact of the three-for-two stock-split paid on December 13, 2024. |
PATRICK INDUSTRIES, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||
As of December 31, | |||
($ in thousands) | 2024 | 2023 | |
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 33,561 | $ 11,409 | |
Trade and other receivables, net | 178,206 | 163,838 | |
Inventories | 551,617 | 510,133 | |
Prepaid expenses and other | 59,233 | 49,251 | |
Total current assets | 822,617 | 734,631 | |
Property, plant and equipment, net | 384,903 | 353,625 | |
Operating lease right-of-use assets | 200,697 | 177,717 | |
Goodwill and intangible assets, net | 1,600,125 | 1,288,546 | |
Other non-current assets | 12,612 | 7,929 | |
TOTAL ASSETS | $ 3,020,954 | $ 2,562,448 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities: | |||
Current maturities of long-term debt | $ 6,250 | $ 7,500 | |
Current operating lease liabilities | 53,697 | 48,761 | |
Accounts payable | 187,915 | 140,524 | |
Accrued liabilities | 105,753 | 111,711 | |
Total current liabilities | 353,615 | 308,496 | |
Long-term debt, less current maturities, net | 1,311,684 | 1,018,356 | |
Long-term operating lease liabilities | 151,026 | 132,444 | |
Deferred tax liabilities, net | 61,346 | 46,724 | |
Other long-term liabilities | 14,917 | 11,091 | |
TOTAL LIABILITIES | 1,892,588 | 1,517,111 | |
TOTAL SHAREHOLDERS' EQUITY | 1,128,366 | 1,045,337 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,020,954 | $ 2,562,448 | |
PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||
Year Ended December 31, | |||
($ in thousands) | 2024 | 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 138,401 | $ 142,897 | |
Depreciation and amortization | 166,545 | 144,543 | |
Amortization of deferred debt financing costs | 3,270 | 3,239 | |
Loss on extinguishment of debt | 2,549 | — | |
Stock-based compensation expense | 16,775 | 19,429 | |
Other adjustments to reconcile net income to net cash provided by operating activities | (6,342) | (331) | |
Change in operating assets and liabilities, net of acquisitions of businesses | 5,643 | 98,895 | |
Net cash provided by operating activities | 326,841 | 408,672 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (75,682) | (58,987) | |
Business acquisitions and other investing activities | (437,167) | (27,558) | |
Net cash used in investing activities | (512,849) | (86,545) | |
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | 208,160 | (333,565) | |
Net increase (decrease) in cash and cash equivalents | 22,152 | (11,438) | |
Cash and cash equivalents at beginning of year | 11,409 | 22,847 | |
Cash and cash equivalents at end of year | $ 33,561 | $ 11,409 | |
PATRICK INDUSTRIES, INC. Earnings Per Common Share (Unaudited) | ||||||||
The table below illustrates the calculation for earnings per common and diluted shares: | ||||||||
Fourth Quarter Ended | Year Ended | |||||||
($ and shares in thousands, except per share data) | December 31, | December 31, | December 31, | December 31, | ||||
Numerator: | ||||||||
Earnings for basic earnings per common share calculation | $ 14,558 | $ 30,817 | $ 138,401 | $ 142,897 | ||||
Effect of interest on potentially dilutive convertible notes, net of tax | — | — | — | 162 | ||||
Earnings for diluted earnings per common share calculation | $ 14,558 | $ 30,817 | $ 138,401 | $ 143,059 | ||||
Denominator: (1) | ||||||||
Weighted average common shares outstanding - basic | 32,597 | 32,177 | 32,568 | 32,278 | ||||
Weighted average impact of potentially dilutive convertible notes | 1,039 | — | 644 | 248 | ||||
Weighted average impact of potentially dilutive warrants | 368 | — | 137 | — | ||||
Weighted average impact of potentially dilutive securities | 443 | 694 | 350 | 512 | ||||
Weighted average common shares outstanding - diluted | 34,447 | 32,871 | 33,699 | 33,038 | ||||
Earnings per common share: (1) | ||||||||
Basic earnings per common share | $ 0.45 | $ 0.96 | $ 4.25 | $ 4.43 | ||||
Diluted earnings per common share | $ 0.42 | $ 0.94 | $ 4.11 | $ 4.33 | ||||
(1) Prior year periods reflect the impact of the three-for-two stock-split paid on December 13, 2024. |
PATRICK INDUSTRIES, INC.
Non-GAAP Reconciliation (Unaudited)
Use of Non-GAAP Financial Metrics
In addition to reporting financial results in accordance with
The following table reconciles net income to EBITDA and adjusted EBITDA: | ||||||||
Fourth Quarter Ended | Year Ended | |||||||
($ in thousands) | December 31, | December 31, | December 31, | December 31, | ||||
Net income | $ 14,558 | $ 30,817 | $ 138,401 | $ 142,897 | ||||
+ Depreciation & amortization | 42,543 | 36,567 | 166,545 | 144,543 | ||||
+ Interest expense, net | 18,987 | 15,319 | 79,470 | 68,942 | ||||
+ Income taxes | 6,047 | 11,180 | 40,169 | 48,361 | ||||
EBITDA | 82,135 | 93,883 | 424,585 | 404,743 | ||||
+ Stock-based compensation | 2,408 | 5,754 | 16,775 | 19,429 | ||||
+ Acquisition related transaction costs | — | — | 4,998 | — | ||||
+ Acquisition related fair-value inventory step-up | 2,166 | 87 | 2,988 | 697 | ||||
+ Loss on extinguishment of debt | 2,549 | — | 2,549 | — | ||||
+ Loss (gain) on sale of property, plant and equipment | 165 | 343 | (237) | 585 | ||||
Adjusted EBITDA | $ 89,423 | $ 100,067 | $ 451,658 | $ 425,454 | ||||
The following table reconciles full year cash flow from operations to free cash flow: | ||||
Year Ended | ||||
($ in thousands) | December 31, | December 31, | ||
Net cash provided by operating activities | $ 326,841 | $ 408,672 | ||
Less: purchases of property, plant and equipment | (75,682) | (58,987) | ||
Free cash flow | $ 251,159 | $ 349,685 | ||
The following table reconciles operating margin to adjusted operating margin: | ||||||||
Fourth Quarter Ended | Year Ended | |||||||
December 31, | December 31, | December 31, | December 31, | |||||
Operating margin | 4.7 % | 7.3 % | 6.9 % | 7.5 % | ||||
Acquisition related fair-value inventory step-up | 0.2 % | — % | 0.1 % | — % | ||||
Transaction costs | — % | — % | 0.2 % | — % | ||||
Loss on extinguishment of debt | 0.3 % | — % | — % | — % | ||||
Adjusted operating margin | 5.2 % | 7.3 % | 7.2 % | 7.5 % | ||||
The following table reconciles net income to adjusted net income and diluted earnings per common share to adjusted diluted earnings per common share: | ||||||||
Fourth Quarter Ended | Year Ended | |||||||
($ in thousands, except per share data) | December 31, | December 31, | December 31, | December 31, | ||||
Net income | $ 14,558 | $ 30,817 | $ 138,401 | $ 142,897 | ||||
+ Acquisition related fair-value inventory step-up | 2,166 | 87 | 2,988 | 697 | ||||
+ Transaction costs | — | — | 4,998 | — | ||||
+ Loss on extinguishment of debt | 2,549 | — | 2,549 | — | ||||
- Tax impact of adjustments | (1,206) | (22) | (2,694) | (176) | ||||
Adjusted net income | $ 18,067 | $ 30,882 | $ 146,242 | $ 143,418 | ||||
Diluted earnings per common share (per above) (1) | $ 0.42 | $ 0.94 | $ 4.11 | $ 4.33 | ||||
Transaction costs, net of tax (1) | — | — | 0.11 | — | ||||
Acquisition related fair-value inventory step-up, net of tax (1) | 0.05 | — | 0.06 | 0.01 | ||||
Loss on extinguishment of debt, net of tax (1) | 0.05 | — | 0.06 | — | ||||
Adjusted diluted earnings per common share (1) | $ 0.52 | $ 0.94 | $ 4.34 | $ 4.34 | ||||
(1) Prior year periods reflect the impact of the three-for-two stock-split paid on December 13, 2024. |
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SOURCE Patrick Industries, Inc.
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