Patrick Industries Q2 2024 10-Q Filing
Ticker: PATK · Form: 10-Q · Filed: 2024-08-08T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-filing, financials
Related Tickers: PATK
TL;DR
PATK 10-Q filed: Q2 2024 results out, check financials.
AI Summary
Patrick Industries Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial details and operational updates are provided, reflecting the company's performance in the motor vehicle parts and accessories sector.
Why It Matters
This filing provides investors with crucial financial data and operational insights into Patrick Industries' performance for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial information, not indicating immediate or significant new risks.
Key Players & Entities
- PATRICK INDUSTRIES INC (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240808 (date) — Filing date
- MOTOR VEHICLE PARTS & ACCESSORIES (industry) — Company's Standard Industrial Classification
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 8, 2024.
What is Patrick Industries Inc.'s Standard Industrial Classification (SIC) code?
Patrick Industries Inc.'s SIC code is 3714, categorized under MOTOR VEHICLE PARTS & ACCESSORIES.
What is the fiscal year end for Patrick Industries Inc.?
The fiscal year end for Patrick Industries Inc. is December 31.
What are the key dates for the periods covered by this filing?
The filing covers the period from January 1, 2024, to June 30, 2024, and also includes comparative data for periods in 2023.
Filing Stats: 4,569 words · 18 min read · ~15 pages · Grade level 17.4 · Accepted 2024-08-08 08:05:03
Filing Documents
- patk-20240630.htm (10-Q) — 1152KB
- patk2024q2ex311.htm (EX-31.1) — 10KB
- patk2024q2ex312.htm (EX-31.2) — 11KB
- patk2024q2ex32.htm (EX-32) — 4KB
- patk-20240630_g1.jpg (GRAPHIC) — 87KB
- 0000076605-24-000140.txt ( ) — 6575KB
- patk-20240630.xsd (EX-101.SCH) — 35KB
- patk-20240630_cal.xml (EX-101.CAL) — 68KB
- patk-20240630_def.xml (EX-101.DEF) — 158KB
- patk-20240630_lab.xml (EX-101.LAB) — 496KB
- patk-20240630_pre.xml (EX-101.PRE) — 341KB
- patk-20240630_htm.xml (XML) — 1121KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS (Unaudited) 3
ITEM 1. FINANCIAL STATEMENTS (Unaudited) 3 Condensed Consolidated Statements of Income Second Quarter and Six Months ended June 30, 2024 and July 2, 2023 3 Condensed Consolidated Statements of Comprehensive Income Second Quarter and Six Months ended June 30, 2024 and July 2, 2023 4 Condensed Consolidated Balance Sheets June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows Six Months ended June 30, 2024 and July 2, 2023 6 Condensed Consolidated Statements of Shareholders' Equity Second Quarter and Six Months ended June 30, 2024 and July 2, 2023 7 Notes to Condensed Consolidated Financial Statements 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29
CONTROLS AND PROCEDURES 29
ITEM 4. CONTROLS AND PROCEDURES 29
OTHER INFORMATION
PART II. OTHER INFORMATION
LEGAL PROCEEDINGS 30
ITEM 1. LEGAL PROCEEDINGS 30
RISK FACTORS 30
ITEM 1A. RISK FACTORS 30
UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES 30
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES 30
OTHER INFORMATION 30
ITEM 5. OTHER INFORMATION 30
EXHIBITS 31
ITEM 6. EXHIBITS 31 SIGNATURES 32 2 PART 1: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Second Quarter Ended Six Months Ended ($ in thousands, except per share data) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 NET SALES $ 1,016,624 $ 920,685 $ 1,950,116 $ 1,820,785 Cost of goods sold 785,330 710,717 1,513,967 1,416,573 GROSS PROFIT 231,294 209,968 436,149 404,212 Operating expenses: Warehouse and delivery 38,739 36,031 76,188 71,876 Selling, general and administrative 83,588 78,540 168,834 160,941 Amortization of intangible assets 24,278 19,822 47,096 39,586 Total operating expenses 146,605 134,393 292,118 272,403 OPERATING INCOME 84,689 75,575 144,031 131,809 Interest expense, net 20,343 18,260 40,433 36,744 Income before income taxes 64,346 57,315 103,598 95,065 Income taxes 16,462 14,958 20,621 22,535 NET INCOME $ 47,884 $ 42,357 $ 82,977 $ 72,530 BASIC EARNINGS PER COMMON SHARE $ 2.20 $ 1.97 $ 3.83 $ 3.36 DILUTED EARNINGS PER COMMON SHARE $ 2.16 $ 1.94 $ 3.75 $ 3.28 Weighted average shares outstanding – Basic 21,724 21,521 21,689 21,556 Weighted average shares outstanding – Diluted 22,169 21,787 22,125 22,151 See accompanying Notes to Condensed Consolidated Financial Statements. 3 PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Second Quarter Ended Six Months Ended ($ in thousands) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 NET INCOME $ 47,884 $ 42,357 $ 82,977 $ 72,530 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) 3 ( 90 ) ( 29 ) ( 99 ) Total other comprehensive income (loss) 3 ( 90 ) ( 29 ) ( 99 ) COMPREHENSIVE INCOME $ 47,887 $ 42,267 $ 82,948 $ 72,431 See accompanying Notes to Condensed Consolidated Financial Statements. 4 PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) As of ($ in thousands) June 30, 2024 December 31, 2023 ASSETS Current Assets Ca