Patrick Industries Q3 sales beat analyst estimates
PATK•Patrick Industries reported Q3 sales of $975 million, above analyst estimates of $941.35 million, while sales were flat year over year. Adjusted EBITDA of $116 million also beat estimates, and adjusted EPS was $0.64.
1. Quarterly results
Patrick Industries reported Q3 sales of $975 million, compared with analyst estimates of $941.35 million. Adjusted EBITDA was $116 million, above the $111.81 million estimate, and adjusted EPS was $0.64; net income was $21 million.
2. Demand and outlook
Revenue growth in Marine, Powersports and Housing nearly offset lower RV revenue. The company cited higher content per unit and industry shipments for Marine growth, and demand for utility vehicles and cab enclosures for Powersports. It said near-term demand remains uneven, citing high interest rates, fuel costs and inflation as factors softening consumer confidence.
3. Pending merger
Patrick Industries said it expects investments in engineering and technology to enhance its market position and sees its pending merger with LCI Industries as enhancing its long-term value proposition.
