Patrick Industries Inc. Files Quarterly Report (10-Q) for Period Ending March 31, 2024

TL;DR

<b>Patrick Industries Inc. filed its Q1 2024 10-Q report on May 9, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

PATRICK INDUSTRIES INC (PATK) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Patrick Industries Inc. reported its Q1 2024 results on May 9, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. Patrick Industries Inc. is classified under SIC code 3714 (Motor Vehicle Parts & Accessories). The company's principal business address is in Elkhart, Indiana.

Why It Matters

For investors and stakeholders tracking PATRICK INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, net income, and other key metrics, crucial for assessing the company's current performance and future outlook. Understanding the segment performance within Recreational Vehicle, Marine, Powersports, Manufactured Housing, and Industrial sectors will offer insights into which areas are driving growth or facing challenges for Patrick Industries.

Risk Assessment

Risk Level: low — PATRICK INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments beyond typical business fluctuations.

Analyst Insight

Monitor upcoming earnings calls and subsequent filings for detailed financial performance analysis and management commentary on segment results and market conditions.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 3714 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 12/31 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• PATRICK INDUSTRIES INC (company) — FILER
• 0000076605 (company) — CENTRAL INDEX KEY
• 3714 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• IN (company) — STATE OF INCORPORATION
• ELKHART (company) — CITY
• 574-294-7511 (company) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE

FAQ

Industry Context

Patrick Industries Inc. operates within the motor vehicle parts and accessories sector, with a significant focus on supplying components for the recreational vehicle (RV), manufactured housing, and marine industries.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly reports (Form 10-Q) to disclose financial performance and business operations.

What Investors Should Do

1. Analyze the full 10-Q filing for detailed financial statements and segment performance data.
2. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Compare Q1 2024 results with prior periods and industry benchmarks to assess trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing an update on the company's financial position and operational activities since the last annual report.

Filing Documents

• patk-20240331.htm (10-Q) — 876KB
• patk2024q1ex311.htm (EX-31.1) — 10KB
• patk2024q1ex312.htm (EX-31.2) — 11KB
• patk2024q1ex32.htm (EX-32) — 4KB
• patk-20240331_g1.jpg (GRAPHIC) — 87KB
• 0000076605-24-000109.txt (&nbsp;) — 5754KB
• patk-20240331.xsd (EX-101.SCH) — 36KB
• patk-20240331_cal.xml (EX-101.CAL) — 68KB
• patk-20240331_def.xml (EX-101.DEF) — 159KB
• patk-20240331_lab.xml (EX-101.LAB) — 484KB
• patk-20240331_pre.xml (EX-101.PRE) — 336KB
• patk-20240331_htm.xml (XML) — 887KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (Unaudited) 3

ITEM 1. FINANCIAL STATEMENTS (Unaudited) 3 Condensed Consolidated Statements of Income First Quarter ended March 31, 2024 and April 2, 2023 3 Condensed Consolidated Statements of Comprehensive Income First Quarter ended March 31, 2024 and April 2, 2023 4 Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows First Quarter ended March 31, 2024 and April 2, 2023 6 Condensed Consolidated Statements of Shareholders' Equity First Quarter ended March 31, 2024 and April 2, 2023 7 Notes to Condensed Consolidated Financial Statements 8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

CONTROLS AND PROCEDURES 26

ITEM 4. CONTROLS AND PROCEDURES 26

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS 27

ITEM 1. LEGAL PROCEEDINGS 27

RISK FACTORS 27

ITEM 1A. RISK FACTORS 27

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES 27

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES 27

OTHER INFORMATION 27

ITEM 5. OTHER INFORMATION 27

EXHIBITS 28

ITEM 6. EXHIBITS 28 SIGNATURES 29 2 PART 1: FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) First Quarter Ended ($ in thousands, except per share data) March 31, 2024 April 2, 2023 NET SALES $ 933,492 $ 900,100 Cost of goods sold 728,637 705,856 GROSS PROFIT 204,855 194,244 Operating expenses: Warehouse and delivery 37,449 35,845 Selling, general and administrative 85,246 82,401 Amortization of intangible assets 22,818 19,764 Total operating expenses 145,513 138,010 OPERATING INCOME 59,342 56,234 Interest expense, net 20,090 18,484 Income before income taxes 39,252 37,750 Income taxes 4,159 7,577 NET INCOME $ 35,093 $ 30,173 BASIC EARNINGS PER COMMON SHARE $ 1.62 $ 1.40 DILUTED EARNINGS PER COMMON SHARE $ 1.59 $ 1.35 Weighted average shares outstanding – Basic 21,653 21,591 Weighted average shares outstanding – Diluted 22,080 22,512 See accompanying Notes to Condensed Consolidated Financial Statements. 3 PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) First Quarter Ended ($ in thousands) March 31, 2024 April 2, 2023 NET INCOME $ 35,093 $ 30,173 Other comprehensive income, net of tax: Foreign currency translation loss ( 32 ) ( 9 ) Total other comprehensive loss ( 32 ) ( 9 ) COMPREHENSIVE INCOME $ 35,061 $ 30,164 See accompanying Notes to Condensed Consolidated Financial Statements. 4 PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) As of ($ in thousands) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 17,610 $ 11,409 Trade and other receivables, net 278,337 163,838 Inventories 514,543 510,133 Prepaid expenses and other 48,884 49,251 Total current assets 859,374 734,631 Property, plant and equipment, net 371,128 353,625 Operating lease right-of-use assets 190,507 177,717 Goodwill 755,729 637,393 Intangible assets, net 848,753 651,153 Other non-current assets 7,385 7,929 TOTAL ASSET