Patrick Industries Inc (PATK) Quarterly 10-Q Report

Patrick Industries, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.

The filing includes financial statements for the quarter, showing an increase in net sales to $919.4 million from $866.1 million in the same quarter the previous year. This increase is attributed to higher sales in the powersports and manufactured housing markets.

Cost of goods sold for the quarter was $706.9 million, representing 76.9% of sales, compared to 77.0% in the same quarter of the previous year. The decrease in cost ratio is due to acquisitions that positively impacted material costs.

The company reported a gross profit of $212.5 million for the quarter, compared to $199.1 million in the previous year, reflecting a slight increase in gross profit margin.

Operating expenses included warehouse and delivery costs of $37.9 million, selling, general, and administrative expenses of $75.8 million, and amortization of intangible assets of $24.4 million.

Net income for the quarter was $40.9 million, up from $39.6 million in the previous year. Basic earnings per share were $1.88, compared to $1.84 in the previous year.

Cash provided by operating activities was $224.2 million, while cash used in investing and financing activities was $485.4 million and $302.4 million, respectively.

Patrick had a total of $3.12 billion in assets as of September 29, 2024. The company maintains its financial records on the basis of a fiscal year ending on December 31.

The filing also details various financial agreements, including the issuance of $500 million in senior notes due 2032 and the redemption of $300 million in senior notes due 2027.

Patrick does not anticipate significant changes in its liquidity position, with cash and cash equivalents of $52.6 million and $405 million of availability under its credit facility.

The company continues to focus on expanding its market share in the RV, marine, powersports, and manufactured housing industries, with recent acquisitions contributing to its growth strategy.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Patrick Industries Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].