Business
Patrick Industries, Inc. Reports Second Quarter 2024 Financial Results
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
About this update from Patrick Industries, Inc.
[{"type":"text","content":"Second Quarter 2024 Highlights (compared to Second Quarter 2023 unless otherwise noted)\nNet 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.\n\n \n \n \n \n \n \n\n \nNet 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.\nOperating 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 adjustmen...