Business
Patrick Industries, Inc. Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Highlights (compared to Second Quarter 2022 unless otherwise noted) Net sales of $921 million decreased 38%, primarily due to a 44%
About this update from Patrick Industries, Inc.
[{"type":"text","content":"Second Quarter 2023 Highlights (compared to Second Quarter 2022 unless otherwise noted)\nNet sales of $921 million decreased 38%, primarily due to a 44% reduction in RV industry wholesale unit shipmentsGross profit of $210 million decreased 36%, gross margin increased 60 basis points to 22.8%Operating income of $76 million decreased 57%, operating margin decreased 360 basis points to 8.2%Net income of $42 million decreased 64%Diluted earnings per share of $1.94 decreased 59%Adjusted EBITDA of $114 million decreased 46%, adjusted EBITDA margin decreased 200 basis points to 12.4%Inventory reduction of $113 million from year-end 2022 and $184 million from the second quarter of 2022Cash provided by operations of $179 million improved compared to cash provided by operations of $97 million in the second quarter of 2022On a trailing twelve-month basis, free cash flow through the second quarter of 2023 was $444 million, an increase of 169% compared to $165 million through the second quarter of 2022Returned $18 million to shareholders in the quarter, including $8 million through common share repurchases and $10 million through dividendsELKHART, Ind., July 27, 2023 /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) (\"Patrick\" or the \"Company\"), a leading component solutions provider for the Leisure Lifestyle and Housing markets, today reported financial results for the second quarter ended July 2, 2023.\n\n \n \n \n \n \n \n\n \nNet sales in the second quarter of 2023 were $921 million, a decrease of 38% from a record $1.48 billion in the second quarter of 2022. The decline in sales was primarily driven by a 44% decrease in RV wholesale unit shipments. In addition, sales were negatively impacted by 30% and 11% declines in estimated wholesale manufactured housing unit shipments and residential housing starts, respectively, as a result of macroeconomic factors including higher interest rates.\nOperating income of $76 million in the second quarter of 2023 decreased $98 million from $174 million in the second quarter of 2022, and operating margin of 8.2% in the second quarter of 2023 decreased 360 basis points compared to 11.8% in the same period a year ago, primarily as a result of lower fixed cost absorption on a 38% decrease in revenues.\nNet income decreased 64% to $42 million from $117 million in the second quarter of 2022. Dilu...