Thu, May 8, 12:31 PM (14 days ago)
**Patrick Industries, Inc. (PATK) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $1,003.42 million, up 7% from $933.49 million in Q1 2024. - **Profit Margins:** Gross profit margin increased to 22.8% from 21.9%, operating margin slightly improved to 6.5% from 6.4%. - **Net Income:** $38.24 million, a 9% increase from $35.09 million in Q1 2024. - **Earnings per Share (EPS):** Basic EPS was $1.17, up from $1.08; diluted EPS was $1.11, up from $1.06. - **Cash Flow:** Net cash provided by operating activities was $40.08 million, a 14% increase from $35.18 million in Q1 2024. **Segment Performance:** - **Manufacturing:** Sales increased by 6% to $754.49 million, gross profit up 8% to $169.39 million, operating income up 12% to $98.12 million. - **Distribution:** Sales increased by 7% to $254.09 million, gross profit up 23% to $61.70 million, operating income up 5% to $25.00 million. **Trends and Uncertainties:** - **Market Trends:** Positive trends in RV, MH, and industrial markets; marine and powersports markets showed declines. - **Acquisitions:** Completed two acquisitions in Q1 2025, contributing $4.3 million in revenue. - **Liquidity:** Strong liquidity position with $86.56 million in cash and $658.0 million available under the revolving credit facility. - **Debt:** Total debt was $1,422.27 million, with a secured net leverage ratio of 0.43 and an interest coverage ratio of 6.70. **Future Operations Impact:** - **Seasonality:** Expects higher sales and profits in Q2 due to seasonal trends. - **Economic Factors:** Potential impacts from economic conditions, interest rates, and consumer confidence. - **Strategic Initiatives:** Focus on acquisitions, capital expenditures, dividends, and stock repurchases. **Conclusion:** Patrick Industries, Inc. (PATK) demonstrated strong financial performance in Q1 2025, with notable increases in revenue, profit margins, and net income. The company's strategic initiatives and market position indicate a positive outlook for future operations, despite potential economic uncertainties.