---
schema_version: "secwatch.filing_event.v1"
accession: "0000076605-23-000070"
form_type: "8-K"
ticker: "PATK"
cik: "0000076605"
company_name: "PATRICK INDUSTRIES INC"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T10:15:26.729084+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000076605-23-000070
- form_type: 8-K
- ticker: PATK
- cik: 0000076605
- company_name: PATRICK INDUSTRIES INC
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/76605/000007660523000070/0000076605-23-000070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/76605/000007660523000070/patk-20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000076605-23-000070
- JSON: https://secwatch.observer/filing/0000076605-23-000070.json
- Plain text: https://secwatch.observer/filing/0000076605-23-000070.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/76605/000007660523000070/0000076605-23-000070-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.