Patrick Industries Q1: Revenue $900M (-33%), EPS $1.35 (-70%) amid 54% RV shipment drop

PATRICK INDUSTRIES INC

2023-Q1 EPS reported $1.35 revenue$900,100,000

RV revenue -55% to $367M; marine +25% to $276M; housing -14% to $257M.
Operating income $56M (-65%), net income $30M (-73%), adjusted EBITDA $97M (-49%).
Cash from ops -$1M; trailing free cash flow $352M (+222%).
Repurchased ~54,600 shares ($4M); paid $11M in dividends.
Long-term debt $1.35B, net leverage 2.3x; repaid $172.5M convertible notes.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PATRICK INDUSTRIES INC reported first quarter ended April 2, 2023 results: revenue $900 million, net income $30 million, EPS $1.35.

Period: first quarter ended April 2, 2023
Revenue: $900 million
Net income: $30 million
EPS: $1.35
Result: reported results

Exact text from the filing

First Quarter 2023 Highlights (compared to First Quarter 2022 unless otherwise noted) • Net sales of $900 million decreased 33%, as 25% growth in our marine end-market sales partially offset the impact of a 54% reduction in RV industry wholesale shipments on our RV sales • Gross profit of $194 million decreased 34%, gross margin decreased 40 basis points to 21.6% • Operating income of $56 million decreased 65%, operating margin decreased 590 basis points to 6.2% • Net income of $30 million decreased 73% • Diluted earnings per share of $1.35 decreased 70% • Adjusted EBITDA of $97 million decreased 49%, adjusted EBITDA margin decreased 350 basis points to 10.8% • Cash used in operations of $1 million improved compared to cash used in operations of $23 million • On a trailing twelve-month basis, free cash flow through the first quarter of 2023 was $352 million, an increase of 222% compared to $110 million through the first quarter of 2022 • Returned $15 million to shareholders in the quar

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Source: SEC EDGAR

accession 0000076605-23-000070

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