earnings
confidence high
sentiment positive
materiality 0.75
Patrick Industries Q3 net sales up 6% to $919M; issues $500M notes to refinance higher-cost debt
PATRICK INDUSTRIES INC
2024-Q3 EPS reported
$5.55
revenue$2,869,560,000
- Net sales $919M (+6% YoY); Housing +13%, Marine -21%, RV -1%.
- Net income $41M (+3%), diluted EPS $1.80; adjusted diluted EPS nine months +13% to $5.75.
- Closed RecPro acquisition on Sept 6, expanding RV aftermarket presence.
- Subsequently issued $500M 6.375% Senior Notes due 2032; redeemed $500M 7.5% notes due 2027.
- Amended credit facility to $1.0B, extended maturity to Oct 2029; net leverage 2.6x, liquidity $458M.