Patrick Industries Q3 2024 Filing
Ticker: PATK · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
PATK Q3 2024 results are in. Check the filing for details.
AI Summary
Patrick Industries Inc. reported its Q3 2024 results for the period ending September 29, 2024. The company's fiscal year ends on December 31st. Key financial data and segment information are included in this filing.
Why It Matters
This filing provides insight into Patrick Industries' financial performance and operational status for the third quarter of 2024, impacting investors and industry observers.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-29 — End of Q3 2024 (Reporting period for the 10-Q filing.)
- 2024-11-07 — Filing Date (Date the 10-Q was submitted to the SEC.)
- 2024-01-01 — Start of Fiscal Year 2024 (Beginning of the current fiscal year.)
Key Players & Entities
- PATRICK INDUSTRIES INC (company) — Filer
- 20240929 (date) — Conformed Period of Report
- 20241107 (date) — Filed as of Date
- 3714 (number) — Standard Industrial Classification (Motor Vehicle Parts & Accessories)
- IN (location) — State of Incorporation
- 1231 (date) — Fiscal Year End
- 574-294-7511 (phone_number) — Business Phone
FAQ
What is the primary business of Patrick Industries Inc.?
Patrick Industries Inc. is classified under Standard Industrial Classification 3714, which pertains to Motor Vehicle Parts & Accessories.
When does Patrick Industries Inc. conclude its fiscal year?
Patrick Industries Inc.'s fiscal year ends on December 31st (1231).
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 29, 2024 (20240929).
What is the company's state of incorporation?
The company is incorporated in Indiana (IN).
What is the business address of Patrick Industries Inc.?
The business address is 107 West Franklin Street, Elkhart, IN 46516.
Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2024-11-07 09:02:18
Filing Documents
- patk-20240929.htm (10-Q) — 1122KB
- patk2024q3ex311.htm (EX-31.1) — 10KB
- patk2024q3ex312.htm (EX-31.2) — 11KB
- patk2024q3ex32.htm (EX-32) — 4KB
- patk-20240929_g1.jpg (GRAPHIC) — 87KB
- 0000076605-24-000184.txt ( ) — 6550KB
- patk-20240929.xsd (EX-101.SCH) — 37KB
- patk-20240929_cal.xml (EX-101.CAL) — 69KB
- patk-20240929_def.xml (EX-101.DEF) — 174KB
- patk-20240929_lab.xml (EX-101.LAB) — 528KB
- patk-20240929_pre.xml (EX-101.PRE) — 364KB
- patk-20240929_htm.xml (XML) — 1017KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS (Unaudited)
ITEM 1. FINANCIAL STATEMENTS (Unaudited) 3 Condensed Consolidated Statements of Income in the Third Quarter and Nine Months ended September 29, 2024 and October 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income in the Third Quarter and Nine Months ended September 29, 2024 and October 1, 2023 4 Condensed Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows in the Nine Months ended September 29, 2024 and October 1, 2023 6 Condensed Consolidated Statements of Shareholders' Equity in the Third Quarter and Nine Months ended September 29, 2024 and October 1, 2023 7 Notes to Condensed Consolidated Financial Statements 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 21
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31
CONTROLS AND PROCEDURES
ITEM 4. CONTROLS AND PROCEDURES 31
OTHER INFORMATION
PART II. OTHER INFORMATION
LEGAL PROCEEDINGS
ITEM 1. LEGAL PROCEEDINGS 32
RISK FACTORS
ITEM 1A. RISK FACTORS 32
UNREGISTERED SALES OF EQUITY SECURITIES AN D USE OF PROCEEDS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AN D USE OF PROCEEDS 32
OTHER INFORMATION
ITEM 5. OTHER INFORMATION 32
EXHIBITS
ITEM 6. EXHIBITS 33
SIGNATURES
SIGNATURES 34 2 Table of Contents PART 1: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Third Quarter Ended Nine Months Ended ($ in thousands, except per share data) September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 NET SALES $ 919,444 $ 866,073 $ 2,869,560 $ 2,686,858 Cost of goods sold 706,930 666,954 2,220,897 2,083,527 GROSS PROFIT 212,514 199,119 648,663 603,331 Operating expenses: Warehouse and delivery 37,865 37,664 114,053 109,540 Selling, general and administrative 75,783 70,873 244,617 231,814 Amortization of intangible assets 24,449 19,507 71,545 59,093 Total operating expenses 138,097 128,044 430,215 400,447 OPERATING INCOME 74,417 71,075 218,448 202,884 Interest expense, net 20,050 16,879 60,483 53,623 Income before income taxes 54,367 54,196 157,965 149,261 Income taxes 13,501 14,646 34,122 37,181 NET INCOME $ 40,866 $ 39,550 $ 123,843 $ 112,080 BASIC EARNINGS PER COMMON SHARE $ 1.88 $ 1.84 $ 5.71 $ 5.20 DILUTED EARNINGS PER COMMON SHARE $ 1.80 $ 1.81 $ 5.55 $ 5.09 Weighted average shares outstanding – Basic 21,740 21,511 21,706 21,541 Weighted average shares outstanding – Diluted 22,641 21,884 22,297 22,063 See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Third Quarter Ended Nine Months Ended ($ in thousands) September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 NET INCOME $ 40,866 $ 39,550 $ 123,843 $ 112,080 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss) 43 ( 10 ) 14 ( 109 ) Total other comprehensive income (loss) 43 ( 10 ) 14 ( 109 ) COMPREHENSIVE INCOME $ 40,909 $ 39,540 $ 123,857 $ 111,971 See accompanying Notes to Condensed Consolidated Financial Statements. 4 Table of Contents PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) As of (