Second Quarter 2024 Highlights (compared
to Second Quarter 2023 unless otherwise noted)
- Net sales increased 10% to $1.02
billion driven by a 17% increase in RV revenue, an 11%
increase in Housing revenue, and our first quarter acquisition of
Sportech, which together more than offset a 30% 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 to 7.7%.
- Net income increased 13% to $48
million, and diluted earnings per share of $2.16 increased 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; adjusted EBITDA margin increased 40 basis points to
12.8%.
- Cash flow provided by operations was $173 million for the first six months of the year
compared to $178 million in the same
period last year. Free cash flow, on a trailing twelve-month basis,
was $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.
ELKHART,
Ind., Aug. 1, 2024 /PRNewswire/ -- 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 second
quarter and six months ended June 30, 2024.
Net sales increased 10% to $1.02
billion, an increase of $96
million compared to the second quarter of 2023. The increase
in sales was primarily driven by higher revenue from our RV and
Housing end markets combined with revenue from our first quarter
acquisition of Sportech, which more than offset lower revenue from
our Marine end market as a result of continued strict production
discipline by marine OEMs in light of ongoing marine dealer
inventory destocking.
Operating income of $85 million in
the second quarter of 2024 increased $9
million, or 12%, compared to $76
million in the second quarter of 2023. Operating margin of
8.3% increased 10 basis points compared to 8.2% in the same period
a year ago as a result of continued labor management and increased
revenues. For the first six months of 2024 compared to the
same period in 2023, excluding acquisition transaction costs and
purchase accounting adjustments in both periods, adjusted operating
margin improved 40 basis points to 7.7%.
Net income increased 13% to $48
million compared to $42
million in the second quarter of 2023. Diluted earnings per
share of $2.16 increased 11% compared
to $1.94 for the second quarter of
2023. For the first six months of 2024 compared to the first six
months of 2023, excluding acquisition transaction costs and
purchase accounting adjustments in both periods, adjusted net
income increased 20% to $87 million
and adjusted diluted earnings per share increased 20% to
$3.95.
"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 (44% of Revenue)
- Revenue of $450 million increased
17% while wholesale RV industry unit shipments increased 7%.
- Content per wholesale RV unit (on a trailing twelve-month
basis) decreased by 2% to $4,966.
Compared to the first quarter of 2024, content per wholesale RV
unit (on a trailing twelve-month basis) increased 2%.
Marine (16% of Revenue)
- Revenue of $158 million decreased
30% while estimated wholesale powerboat industry unit shipments
decreased 27%. 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. Compared to the first quarter of 2024,
estimated content per wholesale powerboat unit (on a trailing
twelve-month basis) decreased 2%.
Powersports (10% of Revenue)
- Revenue of $104 million increased
185%, driven primarily by the acquisition of Sportech in the
first quarter of 2024.
Housing (30% of Revenue, comprised of Manufactured
Housing ("MH") and Industrial)
- Revenue of $305 million increased
11%; estimated wholesale MH industry unit shipments increased 19%;
total housing starts decreased 7%.
- Estimated content per wholesale MH unit (on a trailing
twelve-month basis) increased 1% to $6,427. Compared to the first quarter of 2024,
estimated content per wholesale MH unit increased slightly from
$6,403.
Balance Sheet, Cash Flow and Capital Allocation
For the first six months of 2024, cash provided by operations
was $173 million compared to
$178 million for the prior year
period. Purchases of property, plant and equipment totaled
$17 million in the second quarter of
2024, reflecting maintenance capital expenditures and continued
investments in alignment with our automation and technology
initiatives. On a trailing twelve-month basis, free cash flow
through the second quarter of 2024 was $348
million, compared to $444
million through the second quarter of 2023 when we
aggressively monetized working capital in a declining sales
environment. Our long-term debt decreased approximately
$82 million during the second quarter of 2024, as we continued
to focus on deleveraging in alignment with our strategic plan
following our first quarter 2024 acquisition of Sportech.
We remained disciplined in allocating and deploying capital,
returning approximately $12 million
to shareholders in the second quarter of 2024 through dividends. We
remain opportunistic on share repurchases and had $78 million left authorized under our current
plan at the end of the second quarter.
Our total debt at the end of the second quarter was
approximately $1.33 billion,
resulting in a total net leverage ratio of 2.6x (as calculated in
accordance with our credit agreement). Pro forma net leverage at
the time of the acquisition of Sportech in January 2024 was approximately 2.9x. Available
liquidity, comprised of borrowing availability under our credit
facility and cash on hand, was approximately $519 million.
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 $519 million, we remain positioned
to actively engage potential acquisition candidates from within our
robust pipeline and serve our customers at the highest level.
Demand in our end markets continues to hinge upon consumer
confidence and interest rate relief, and our businesses and leaders
will maintain our strong operating discipline and financial
foundation and use this time to continue developing innovative
products and solutions for our customers that will enable value
creation for years to come. OEMs and dealers have maintained
tremendous discipline with regards to inventory management, which
is paramount to the long-term health of the end markets we serve.
Our team will continue to focus on what we can control and managing
our business and cost structure, as we remain nimble with an eye on
driving long-term profitable organic growth, free cash flow, and
shareholder value."
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 Elkhart,
IN, Patrick employs approximately 10,000 skilled team
members throughout the United
States. For more information on Patrick, our brands, and
products, please visit www.patrickind.com.
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 Ukraine and evolving conflict in the
Middle East; natural disasters or
other unforeseen events, and adverse weather conditions.
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
U.S. GAAP, the Company also provides financial metrics, such as net
leverage ratio, content per unit, net debt, free cash flow,
earnings before interest, taxes, depreciation and amortization
("EBITDA"), adjusted EBITDA, adjusted net income, adjusted diluted
earnings per share (adjusted diluted EPS), adjusted operating
margin, adjusted EBITDA margin and available liquidity, which we
believe are important measures of the Company's business
performance. These metrics should not be considered alternatives to
U.S. GAAP. Our computations of net leverage ratio, content per
unit, net debt, free cash flow, EBITDA, adjusted EBITDA, adjusted
net income, adjusted dilutive EPS, adjusted operating margin,
adjusted EBITDA margin and available liquidity may differ from
similarly titled measures used by others. We calculate net debt by
subtracting cash and cash equivalents from the gross value of debt
outstanding. We calculate EBITDA by adding back depreciation and
amortization, net interest expense, and income tax expense to net
income. We calculate adjusted EBITDA by taking EBITDA and adding
back stock-based compensation and loss on sale of property, plant
and equipment, acquisition related costs, acquisition-related
fair-value inventory step-up and subtracting out gain on sale of
property, plant and equipment. Adjusted net income is calculated by
removing the impact of acquisition related transaction costs, net
of tax and acquisition-related fair-value inventory step-up, net of
tax. Adjusted diluted EPS is calculated as adjusted net income
attributable to common shares divided by our weighted average
shares outstanding. Adjusted operating margin is calculated by
removing the impact of acquisition related transaction costs and
acquisition-related fair-value inventory step-up. We calculate free
cash flow by subtracting cash paid for purchases of property, plant
and equipment from cash flow from operations. RV wholesale unit
shipments are provided by the RV Industry Association. Marine
wholesale unit shipments are Company estimates based on data
provided by the National Marine Manufacturers Association. MH
wholesale unit shipments are provided by the Manufactured Housing
Institute. Housing starts are provided by the U.S. Census Bureau.
You should not consider these metrics in isolation or as
substitutes for an analysis of our results as reported under U.S.
GAAP.
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.