Patrick Industries, Inc. ( (PATK) ) has released its Q3 earnings. Here is a breakdown of the information Patrick Industries, Inc. presented to its investors.
Patrick Industries, Inc., headquartered in Elkhart, Indiana, is a leading provider of component solutions catering to the RV, Marine, Powersports, and Housing markets, renowned for its commitment to innovation and customer service. In its third-quarter earnings report for 2024, Patrick Industries announced a 6% increase in net sales, reaching $919 million, driven primarily by a boost in Housing revenue and strategic acquisitions, despite a decline in Marine revenue. Key highlights include a 3% increase in net income to $41 million and a 7% rise in adjusted EBITDA to $121 million, alongside strategic acquisitions such as RecPro, enhancing their presence in the RV aftermarket. The company’s balance sheet remains robust with a net leverage ratio of 2.6x and liquidity of $458 million, following recent financing activities aimed at optimizing capital structure. Looking forward, Patrick Industries remains optimistic about its growth prospects, focusing on enhancing customer experience and leveraging strategic acquisitions, with expectations of a positive demand shift in 2025 aided by favorable economic conditions.
