Patrick Industries Reports Q2 Earnings with Mixed Performance and Outlook
Patrick Industries (NASDAQ:PATK) reported second-quarter net sales of $1.04 billion, down slightly from a year ago as growth in marine, powersports, and housing offset an RV revenue decline tied to lower industry shipments. Adjusted earnings per share fell to $1.29 compared with $1.50 last year due partly to dilution from convertible notes. RV revenue dropped 15% year over year to $407 million amid a broader softening in demand and macroeconomic pressures, while marine revenue rose 22%, powersports increased by 28%, and housing showed modest growth. The company lowered its RV outlook for the full year but expects flat operating margins with potential additional pressure from affordability programs. Patrick also announced plans to merge with Lippert Components in an all-stock deal expected before mid-2027, aiming to generate $150 million annually in cost synergies.
Tickers: $PATK
Topics: automotive ebitda free_cash_flow merger rv_sales