Business
PATRICK INDUSTRIES, INC. REPORTS FOURTH QUARTER AND RECORD FULL YEAR 2022 FINANCIAL RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND
Fourth Quarter 2022 Highlights (compared to Fourth Quarter 2021 unless otherwise noted) Net sales of $952 million decreased 17%, with increased marine and
About this update from Patrick Industries, Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights (compared to Fourth Quarter 2021 unless otherwise noted)\nNet sales of $952 million decreased 17%, with increased marine and manufactured housing revenue partially offsetting a 47% wholesale unit shipment decline in the RV end marketGross margin of 21.1% increased 130 basis pointsOperating income of $68 million decreased 29%Operating margin of 7.1% decreased 120 basis pointsNet income of $40 million decreased 34%Diluted earnings per share decreased 36% to $1.68, including a reduction of $0.14 per share for the impact of the accounting treatment for convertible notesAdjusted EBITDA of $108 million decreased 16%Operating cash flows of $182 million increased 74%Acquisition of TranshieldIncreased share repurchase authorization to $100 millionRelease of inaugural Responsibility & Sustainability Report in DecemberFull Year 2022 Highlights (compared to Full Year 2021 unless otherwise noted)\nNet sales of $4.9 billion increased 20%Gross margin of 21.7% increased 210 basis pointsOperating income of $496 million increased 41%Operating margin of 10.2% increased 160 basis pointsNet income of $328 million increased 46%Diluted earnings per share increased 40% to $13.49, including a reduction of $1.15 per share for the impact of the accounting treatment for convertible notesAdjusted EBITDA of $643 million increased 34%Operating cash flows of $412 million increased 63%Repurchased 1,325,564 shares for a total of $77 million and returned $33 million in dividends to our shareholdersELKHART, Ind., Feb. 9, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (the \"Company\"), a leading component solutions provider for the Leisure Lifestyle and Housing markets, today reported financial results for the fourth quarter and full year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nNet sales in the fourth quarter of 2022 decreased $196 million, or 17%, to $952 million from $1.1 billion in the fourth quarter of 2021. Wholesale unit shipments declined 47% in the RV industry, which represents 43% of our revenue in the quarter. Revenue growth in our marine and manufactured housing end markets partially offset the revenue decrease in our RV end market, and demonstrates the benefit of our diversified portfolio of business.\nOperating income of $68 million decreased $27 million, or 29%, from $95 million in the fourth qu...