Patrick Industries, Inc. Reports Second Quarter 2024 Financial Results
Patrick Industries (NASDAQ: PATK) reported strong Q2 2024 results with net sales increasing 10% to $1.02 billion. This growth was driven by a 17% increase in RV revenue and an 11% increase in Housing revenue, offsetting a 30% decline in Marine revenue. The company's operating margin improved by 10 basis points to 8.3%, while net income rose 13% to $48 million. Diluted earnings per share increased 11% to $2.16. Patrick Industries maintained a solid balance sheet with a total net leverage ratio of 2.6x and liquidity of $519 million. The company's diversification strategy and cost management initiatives have contributed to its resilience in volatile market conditions.
Patrick Industries (NASDAQ: PATK) ha riportato risultati eccellenti per il secondo trimestre del 2024, con vendite nette in aumento del 10% a 1,02 miliardi di dollari. Questa crescita è stata alimentata da un aumento del 17% nei ricavi da veicoli ricreazionali e un aumento dell'11% nei ricavi dal settore abitativo, compensando una flessione del 30% nei ricavi marini. Il margine operativo dell'azienda è migliorato di 10 punti base, raggiungendo l'8,3%, mentre l'utile netto è aumentato del 13%, raggiungendo i 48 milioni di dollari. Gli utili per azione diluiti sono aumentati dell'11% a 2,16 dollari. Patrick Industries ha mantenuto un solido bilancio con un rapporto di indebitamento netto totale di 2,6x e liquidità di 519 milioni di dollari. La strategia di diversificazione dell'azienda e le iniziative di gestione dei costi hanno contribuito alla sua resilienza in condizioni di mercato volatili.
Patrick Industries (NASDAQ: PATK) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos netos que aumentaron un 10% a 1.02 mil millones de dólares. Este crecimiento fue impulsado por un aumento del 17% en los ingresos de vehículos recreativos y un aumento del 11% en los ingresos de vivienda, compensando una caída del 30% en los ingresos de la industria marina. El margen operativo de la compañía mejoró en 10 puntos básicos hasta el 8.3%, mientras que el ingreso neto creció un 13% a 48 millones de dólares. Las ganancias por acción diluidas aumentaron un 11% a 2.16 dólares. Patrick Industries mantuvo un sólido balance con un ratio de apalancamiento neto total de 2.6x y liquidez de 519 millones de dólares. La estrategia de diversificación de la empresa y las iniciativas de gestión de costos han contribuido a su resiliencia en condiciones de mercado volátiles.
Patrick Industries (NASDAQ: PATK)는 2024년 2분기 실적을 발표하며 순매출이 10% 증가해 10억 2천만 달러에 달했다고 보고했습니다. 이 성장은 RV 매출이 17% 증가하고 주택 매출이 11% 증가한 데 힘입은 것으로, 해양 부문 매출은 30% 감소했습니다. 회사의 영업 마진은 10bp 개선되어 8.3%에 달했으며, 순이익은 13% 증가하여 4,800만 달러에 이르렀습니다. 희석 주당 순익은 11% 증가하여 2.16달러에 도달했습니다. Patrick Industries는 총 순부채비율 2.6x 및 유동성 5억 1900만 달러로 견고한 재무 상태를 유지했습니다. 회사의 다각화 전략과 비용 관리 노력이 변동성이 큰 시장 상황에서 회복력에 기여했습니다.
Patrick Industries (NASDAQ: PATK) a annoncé de solides résultats pour le deuxième trimestre de 2024, avec un chiffre d'affaires net en hausse de 10% à 1,02 milliard de dollars. Cette croissance a été soutenue par une augmentation de 17% des revenus des véhicules récréatifs et une augmentation de 11% des revenus dans le secteur du logement, compensant une baisse de 30% des revenus marins. La marge opérationnelle de l'entreprise s'est améliorée de 10 points de base pour atteindre 8,3%, tandis que le bénéfice net a augmenté de 13% pour atteindre 48 millions de dollars. Le bénéfice par action dilué a augmenté de 11% pour s'établir à 2,16 dollars. Patrick Industries a maintenu un bilan solide avec un ratio d'endettement net total de 2,6x et une liquidité de 519 millions de dollars. La stratégie de diversification de l'entreprise et ses initiatives de gestion des coûts ont contribué à sa résilience dans des conditions de marché volatiles.
Patrick Industries (NASDAQ: PATK) meldete für das zweite Quartal 2024 starke Ergebnisse mit einem Umsatzplus von 10% auf 1,02 Milliarden Dollar. Dieses Wachstum wurde durch einen 17%igen Anstieg der Einnahmen aus Wohnmobilen und einen 11%igen Anstieg der Einnahmen aus dem Wohnungsbau getragen, während die Einnahmen aus dem Marine-Sektor um 30% zurückgingen. Die operativen Marge des Unternehmens verbesserte sich um 10 Basispunkte auf 8,3%, während der Nettogewinn um 13% auf 48 Millionen Dollar anstieg. Der verwässerte Gewinn pro Aktie stieg um 11% auf 2,16 Dollar. Patrick Industries weist eine solide Bilanz mit einem gesamt Nettoverschuldungsverhältnis von 2,6x und einer Liquidität von 519 Millionen Dollar auf. Die Diversifikationsstrategie des Unternehmens und die Kostenmanagement-Initiativen haben zur Resilienz in volatilen Marktbedingungen beigetragen.
- Net sales increased 10% to $1.02 billion in Q2 2024
- RV revenue grew 17% and Housing revenue increased 11%
- Operating margin improved by 10 basis points to 8.3%
- Net income rose 13% to $48 million
- Diluted earnings per share increased 11% to $2.16
- Adjusted EBITDA increased 14% to $130 million
- Free cash flow on a trailing twelve-month basis was $348 million
- Total net leverage ratio improved to 2.6x with liquidity of $519 million
- Marine revenue declined 30% due to ongoing dealer inventory destocking
- Content per wholesale RV unit decreased by 2% to $4,966 on a trailing twelve-month basis
- Estimated content per wholesale powerboat unit decreased 10% to $3,935 on a trailing twelve-month basis
Insights
Patrick Industries' Q2 2024 results demonstrate resilience and strategic diversification in a challenging market environment. The company reported a 10% increase in net sales to
Key financial highlights include:
- Operating margin improvement of 10 basis points to
8.3% 13% increase in net income to$48 million 11% increase in diluted EPS to$2.16 14% increase in adjusted EBITDA to$130 million
The company's focus on cost management and operational efficiencies is evident in these results. The improvement in adjusted EBITDA margin by 40 basis points to
Patrick Industries' balance sheet remains solid, with a total net leverage ratio of 2.6x and liquidity of
However, investors should note the
Patrick Industries' Q2 results offer valuable insights into the outdoor enthusiast and housing markets. The
The Housing segment's
However, the Marine segment's
The addition of Powersports as a separate segment, driven by the Sportech acquisition, demonstrates Patrick's strategic diversification. This move could help buffer against volatility in other segments.
Looking ahead, the company's commentary on consumer confidence and interest rates as key demand drivers aligns with broader market trends. The disciplined inventory management by OEMs and dealers is a positive sign for long-term market health, but may lead to near-term revenue volatility.
Investors should monitor the company's ability to maintain its market position and capitalize on potential recovery in its end markets, particularly in the Marine segment.
Second Quarter 2024 Highlights (compared to Second Quarter 2023 unless otherwise noted)
- Net sales increased
10% to$1.02 billion 17% increase in RV revenue, an11% increase in Housing revenue, and our first quarter acquisition of Sportech, which together more than offset a30% 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 to7.7% . - Net income increased
13% to$48 million $2.16 11% . - For the first six months of 2024, adjusted diluted earnings per share increased
20% to$3.95 - Adjusted EBITDA increased
14% to$130 million 12.8% . - Cash flow provided by operations was
$173 million $178 million $348 million - Maintained solid balance sheet and liquidity position, ending the second quarter with a total net leverage ratio of 2.6x and liquidity of
$519 million
Net sales increased
Operating income of
Net income increased
"Our solid revenue and operating margin improvement in the second quarter reflect the strategic diversification investments we have made over the last several years as well as our cost management initiatives and capital expenditures related to automation projects," said Andy Nemeth, Chief Executive Officer. "I am proud of how hard the Patrick team worked in the first half of the year to leverage our variable cost structure and execute operational efficiencies during a time when market and macroeconomic conditions have been so volatile."
Jeff Rodino, President – RV, said, "We believe our history of successful, targeted acquisitions has bolstered the resiliency of our business, deepened our talent bench, and improved our ability to grow revenue and margins. Our acquisition philosophy remains intact, as we look for strong, culturally-aligned management teams, solid risk-adjusted returns, and the potential for significant long-term demand growth. Additionally, we are investing in our platform through our Advanced Product Group, which is collaborating with our valued customers to develop innovative, full-component solutions that will help enable us to continue to drive organic growth. In the second quarter, we brought numerous products to market, creating momentum and excitement for the future of Patrick, supporting our goal of being the supplier of choice for our customers and generating returns for shareholders."
Second Quarter 2024 Revenue by Market Sector
(compared to Second Quarter 2023 unless otherwise noted)
RV (
- Revenue of
$450 million 17% while wholesale RV industry unit shipments increased7% . - Content per wholesale RV unit (on a trailing twelve-month basis) decreased by
2% to$4,966 2% .
Marine (
- Revenue of
$158 million 30% while estimated wholesale powerboat industry unit shipments decreased27% . Powersports revenue was previously included in our Marine end market. End market revenue and content per unit reflect this change for the relevant periods. - Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) decreased
10% to$3,935 2% .
Powersports (
- Revenue of
$104 million 185% , driven primarily by the acquisition of Sportech in the first quarter of 2024.
Housing (
- Revenue of
$305 million 11% ; estimated wholesale MH industry unit shipments increased19% ; total housing starts decreased7% . - Estimated content per wholesale MH unit (on a trailing twelve-month basis) increased
1% to$6,427 $6,403
Balance Sheet, Cash Flow and Capital Allocation
For the first six months of 2024, cash provided by operations was
We remained disciplined in allocating and deploying capital, returning approximately
Our total debt at the end of the second quarter was approximately
Business Outlook and Summary
"We believe Patrick's profitable growth prospects and earnings power remain substantial and expect continued market share gains and strategic acquisitions to enhance our performance when our end markets recover," continued Mr. Nemeth. "Our investments in our business and team and resulting solid financial performance, coupled with our strong balance sheet, have positioned our team to maintain an offensive stance in these volatile markets. With our net leverage ratio nearing our target range and available liquidity of
Conference Call Webcast
Patrick Industries will host an online webcast of its second quarter 2024 earnings conference call that can be accessed on the Company's website, www.patrickind.com, under "For Investors," on Thursday, August 1, 2024 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."
Other Items
Matthew S. Filer was elected as Chief Accounting Officer on May 16, 2024. Mr. Filer joined the company in November 2022 and served as the Company's Senior Vice President - Finance. He served as Interim Executive Vice President - Finance, Chief Financial Officer, and Treasurer from May 2023 to March 2024, at which point he resumed his role as Senior Vice President - Finance.
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; inventory levels of retailers and manufacturers; 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, marine and powersports 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 to include 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; 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, including, but not limited to, uncertainties surrounding the Company's further investment and initiatives in the powersports market; 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. 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) | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands, except per share data) | June 30, 2024 | July 2, 2023 | June 30, 2024 | July 2, 2023 | ||||
NET SALES | $ 1,016,624 | $ 920,685 | $ 1,950,116 | $ 1,820,785 | ||||
Cost of goods sold | 785,330 | 710,717 | 1,513,967 | 1,416,573 | ||||
GROSS PROFIT | 231,294 | 209,968 | 436,149 | 404,212 | ||||
Operating Expenses: | ||||||||
Warehouse and delivery | 38,739 | 36,031 | 76,188 | 71,876 | ||||
Selling, general and administrative | 83,588 | 78,540 | 168,834 | 160,941 | ||||
Amortization of intangible assets | 24,278 | 19,822 | 47,096 | 39,586 | ||||
Total operating expenses | 146,605 | 134,393 | 292,118 | 272,403 | ||||
OPERATING INCOME | 84,689 | 75,575 | 144,031 | 131,809 | ||||
Interest expense, net | 20,343 | 18,260 | 40,433 | 36,744 | ||||
Income before income taxes | 64,346 | 57,315 | 103,598 | 95,065 | ||||
Income taxes | 16,462 | 14,958 | 20,621 | 22,535 | ||||
NET INCOME | $ 47,884 | $ 42,357 | $ 82,977 | $ 72,530 | ||||
BASIC EARNINGS PER COMMON SHARE | $ 2.20 | $ 1.97 | $ 3.83 | $ 3.36 | ||||
DILUTED EARNINGS PER COMMON SHARE | $ 2.16 | $ 1.94 | $ 3.75 | $ 3.28 | ||||
Weighted average shares outstanding - Basic | 21,724 | 21,521 | 21,689 | 21,556 | ||||
Weighted average shares outstanding - Diluted | 22,169 | 21,787 | 22,125 | 22,151 | ||||
PATRICK INDUSTRIES, INC. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||
As of | ||||
($ in thousands) | June 30, 2024 | December 31, 2023 | ||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $ 43,960 | $ 11,409 | ||
Trade and other receivables, net | 252,106 | 163,838 | ||
Inventories | 504,445 | 510,133 | ||
Prepaid expenses and other | 53,383 | 49,251 | ||
Total current assets | 853,894 | 734,631 | ||
Property, plant and equipment, net | 367,761 | 353,625 | ||
Operating lease right-of-use assets | 191,289 | 177,717 | ||
Goodwill and intangible assets, net | 1,583,634 | 1,288,546 | ||
Other non-current assets | 7,292 | 7,929 | ||
TOTAL ASSETS | $ 3,003,870 | $ 2,562,448 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Current maturities of long-term debt | $ 7,500 | $ 7,500 | ||
Current operating lease liabilities | 52,788 | 48,761 | ||
Accounts payable | 206,605 | 140,524 | ||
Accrued liabilities | 106,774 | 111,711 | ||
Total current liabilities | 373,667 | 308,496 | ||
Long-term debt, less current maturities, net | 1,310,848 | 1,018,356 | ||
Long-term operating lease liabilities | 142,681 | 132,444 | ||
Deferred tax liabilities, net | 67,903 | 46,724 | ||
Other long-term liabilities | 10,267 | 11,091 | ||
TOTAL LIABILITIES | 1,905,366 | 1,517,111 | ||
TOTAL SHAREHOLDERS' EQUITY | 1,098,504 | 1,045,337 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,003,870 | $ 2,562,448 | ||
PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Six Months Ended | ||||
($ in thousands) | June 30, 2024 | July 2, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 82,977 | $ 72,530 | ||
Depreciation and amortization | 81,816 | 71,492 | ||
Stock-based compensation expense | 9,742 | 7,946 | ||
Other adjustments to reconcile net income to net cash provided by operating activities | 1,419 | 2,978 | ||
Change in operating assets and liabilities, net of acquisitions of businesses | (3,296) | 23,405 | ||
Net cash provided by operating activities | 172,658 | 178,351 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of property, plant and equipment | (32,411) | (36,491) | ||
Business acquisitions and other investing activities | (354,402) | (29,056) | ||
Net cash used in investing activities | (386,813) | (65,547) | ||
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | 246,706 | (101,740) | ||
Net increase in cash and cash equivalents | 32,551 | 11,064 | ||
Cash and cash equivalents at beginning of year | 11,409 | 22,847 | ||
Cash and cash equivalents at end of period | $ 43,960 | $ 33,911 | ||
PATRICK INDUSTRIES, INC. Earnings Per Common Share (Unaudited)
| ||||||||
The table below illustrates the calculation for earnings per common share: | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands, except per share data) | June 30, 2024 | July 2, 2023 | June 30, 2024 | July 2, 2023 | ||||
Numerator: | ||||||||
Earnings for basic earnings per common share calculation | $ 47,884 | $ 42,357 | $ 82,977 | $ 72,530 | ||||
Effect of interest on potentially dilutive convertible notes, net of tax | — | — | — | 162 | ||||
Earnings for diluted earnings per common share calculation | $ 47,884 | $ 42,357 | $ 82,977 | $ 72,692 | ||||
Denominator: | ||||||||
Weighted average common shares outstanding - basic | 21,724 | 21,521 | 21,689 | 21,556 | ||||
Weighted average impact of potentially dilutive convertible notes | 260 | — | 233 | 331 | ||||
Weighted average impact of potentially dilutive securities | 185 | 266 | 203 | 264 | ||||
Weighted average common shares outstanding - diluted | 22,169 | 21,787 | 22,125 | 22,151 | ||||
Earnings per common share: | ||||||||
Basic earnings per common share | $ 2.20 | $ 1.97 | $ 3.83 | $ 3.36 | ||||
Diluted earnings per common share | $ 2.16 | $ 1.94 | $ 3.75 | $ 3.28 | ||||
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: | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands) | June 30, 2024 | July 2, 2023 | June 30, 2024 | July 2, 2023 | ||||
Net income | $ 47,884 | $ 42,357 | $ 82,977 | $ 72,530 | ||||
+ Depreciation & amortization | 41,481 | 35,982 | 81,816 | 71,492 | ||||
+ Interest expense, net | 20,343 | 18,260 | 40,433 | 36,744 | ||||
+ Income taxes | 16,462 | 14,958 | 20,621 | 22,535 | ||||
EBITDA | 126,170 | 111,557 | 225,847 | 203,301 | ||||
+ Stock-based compensation | 4,282 | 2,704 | 9,742 | 7,946 | ||||
+ Acquisition related transaction costs | — | — | 4,998 | — | ||||
+ Acquisition related fair-value inventory step-up | — | — | 822 | 610 | ||||
+ (Gain) Loss on sale of property, plant and equipment | (354) | 123 | (368) | 100 | ||||
Adjusted EBITDA | $ 130,098 | $ 114,384 | $ 241,041 | $ 211,957 | ||||
The following table reconciles cash flow from operations to free cash flow on a trailing twelve-month basis: | ||||
Trailing Twelve Months Ended | ||||
($ in thousands) | June 30, 2024 | July 2, 2023 | ||
Cash flow from operations | $ 402,979 | $ 515,793 | ||
Less: purchases of property, plant and equipment | (54,907) | (71,907) | ||
Free cash flow | $ 348,072 | $ 443,886 | ||
The following table reconciles operating margin to adjusted operating margin: | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
June 30, 2024 | July 2, 2023 | June 30, 2024 | July 2, 2023 | |||||
Operating margin | 8.3 % | 8.2 % | 7.4 % | 7.2 % | ||||
Acquisition related fair-value inventory step-up | — % | — % | — % | 0.1 % | ||||
Transaction costs | — % | — % | 0.3 % | — % | ||||
Adjusted operating margin | 8.3 % | 8.2 % | 7.7 % | 7.3 % | ||||
The following table reconciles net income to adjusted net income and diluted earnings per common share to adjusted diluted earnings per common share: | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands, except per share data) | June 30, 2024 | July 2, 2023 | June 30, 2024 | July 2, 2023 | ||||
Net income | $ 47,884 | $ 42,357 | $ 82,977 | $ 72,530 | ||||
+ Acquisition related fair-value inventory step-up | — | — | 822 | 610 | ||||
+ Transaction costs | — | — | 4,998 | — | ||||
- Tax impact of adjustments | — | — | (1,488) | (122) | ||||
Adjusted net income | $ 47,884 | $ 42,357 | $ 87,309 | $ 73,018 | ||||
Diluted earnings per common share (per above) | $ 2.16 | $ 1.94 | $ 3.75 | $ 3.28 | ||||
Transaction costs, net of tax | — | — | 0.17 | — | ||||
Acquisition related fair-value inventory step-up, net of tax | — | — | 0.03 | 0.02 | ||||
Adjusted diluted earnings per common share | $ 2.16 | $ 1.94 | $ 3.95 | $ 3.30 | ||||
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SOURCE Patrick Industries, Inc.
FAQ
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