---
schema_version: "secwatch.filing_event.v1"
accession: "0000076605-23-000155"
form_type: "8-K"
ticker: "PATK"
cik: "0000076605"
company_name: "PATRICK INDUSTRIES INC"
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T09:12:15.684224+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Patrick Industries Q3 net sales down 22% to $866M; EPS $1.81 vs $2.43

## Summary
- Operating income $71M (-$22M YoY); operating margin 8.2% vs 8.3%.
- Adjusted EBITDA $113M (-14% YoY); margin improved 130 bps to 13.1%.
- RV revenue $400M (-24%); Marine $205M (-24%); Housing $261M (-18%).
- Long-term debt reduced $112M in quarter; total net leverage 2.5x.
- Free cash flow (TTM) $412M, up 64% vs prior-year period.

## SEC filing metadata
- accession: 0000076605-23-000155
- form_type: 8-K
- ticker: PATK
- cik: 0000076605
- company_name: PATRICK INDUSTRIES INC
- filed_at: 2023-10-26T23:59:59+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/76605/000007660523000155/0000076605-23-000155-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/76605/000007660523000155/patk-20231026.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000076605-23-000155
- JSON: https://secwatch.observer/filing/0000076605-23-000155.json
- Plain text: https://secwatch.observer/filing/0000076605-23-000155.txt

## Key facts
- Earnings Releases
  PATRICK INDUSTRIES INC reported third quarter ended October 1, 2023 results: revenue $866 million, net income $40 million, EPS $1.81.
  - Period: third quarter ended October 1, 2023
  - Revenue: $866 million
  - Net income: $40 million
  - EPS: $1.81
  - Result: reported results
  source text: Net sales were $866 million, a decrease of $246 million, or 22% from $1.11 billion in the third quarter of 2022. The decline in sales was primarily driven by a decrease in unit shipments across our end markets and lower pricing passed on to our customers to reflect changes in certain commodity costs, partially offset by market share gains. Operating income of $71 million in the third quarter of 2023 decreased $22 million from $93 million in the third quarter of 2022. Operating margin of 8.2% decreased 10 basis points compared to 8.3% in the same period a year ago, primarily due to the impact of lower net sales, absorption on certain fixed distribution expenses, and an increase in non-cash amortization due to acquisitions. Net income decreased 33% to $40 million from $59 million in the third quarter of 2022. Diluted earnings per share of $1.81 decreased 26% compared to $2.43 for the third quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/76605/000007660523000155/0000076605-23-000155-index.htm

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