The following is a summary of the Patrick Industries, Inc. (PATK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Patrick Industries reported Q1 revenues of $933 million, an increase of 4%.

• Net income improved by 16% to $35 million and net income per diluted share was $1.59.

• After adjustment for acquisition costs and purchase accounting adjustments, Q1 net income was $39 million and diluted earnings per share rose by 31% to $1.79.

• Operating margin improved to 7.0%, and adjusted EBITDA margin enhanced to 11.9%.

• The company generated $391 million of free cash flow for the trailing 12 months, contrasting to $352 million in the same period last year.

• The total net liquidity at the end of Q1 was $413 million, comprising $18 million cash on hand and $395 million unused capacity on a credit facility.

Business Progress:

• RV revenues increased by 15% in Q1, while marine revenues rose by 35%, illustrating positive business progress in these sectors.

• The acquisition of Sportech enhances Patrick Industries' footprint in the Powersports sector, strategically positioning it for future growth.

• The company returned $13 million in dividends and held $78 million for share buybacks per the plan at Q1 end.

• Despite a 3% Q1 industry decline, acquisition growth was up by 5% and organic growth by 2%.

• Maintaining operational discipline and prioritizing innovation remain at the forefront of the business, which bodes well for future growth and stability.

• The company also remains focused on strategic acquisitions with a good liquidity position. Investments in new innovations and product developments, particularly in the recreational and utility sectors, are anticipated to drive future growth.

• Guided by their goal of being the supplier of choice in the outdoor enthusiast space, the company is poised to adapt, grow, and evolve across multiple industries.

More details: Patrick Industries IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.