Patrick Industries Q2 net sales $921M (-38% YoY); EPS $1.94 (-59%) amid 44% RV unit decline

PATRICK INDUSTRIES INC

2023-Q2 EPS reported $3.28 revenue$1,820,785,000

Net sales $921M (-38% YoY); diluted EPS $1.94 (-59%) as RV industry unit shipments fell 44%.
Adjusted EBITDA $114M (-46%); operating margin 8.2% vs 11.8% last year.
RV revenue $384M (-54%); Marine $268M (-8%); Housing $269M (-23%).
Content per unit up: RV +6% to $5,051, Marine +15% to $5,330, MH +11% to $6,411.
Cash from ops $179M (-$82M YoY); inventory down $184M YoY; net leverage 2.6x.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PATRICK INDUSTRIES INC reported the second quarter ended July 2, 2023 results: revenue $921 million, net income $42 million, EPS $1.94.

Period: the second quarter ended July 2, 2023
Revenue: $921 million
Net income: $42 million
EPS: $1.94
Result: reported results

Exact text from the filing

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% reduction in RV industry wholesale unit shipments • Gross profit of $210 million decreased 36%, gross margin increased 60 basis points to

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Source: SEC EDGAR

accession 0000076605-23-000132

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