Patrick Industries Earnings Call Transcripts
Fiscal Year 2026
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Q3 sales were flat as Marine, Powersports and Housing growth offset RV weakness, while adjusted EBITDA margin expanded. FY26 guidance remains cautious; FY27 margin growth is targeted through diversification, content gains and efficiency initiatives.
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Q2 net sales were $1.04B, nearly flat year-over-year, with strong marine and powersports growth offsetting RV declines. Adjusted EPS was $1.29, and the company announced a merger with Lippert targeting $150M in annual synergies. 2026 guidance calls for stable margins and robust cash flow.
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A transformational all-stock merger will unite two complementary manufacturers, creating a diversified platform with $8.1B in revenue, $1B in EBITDA, and $150M in annual cost synergies. The deal enhances innovation, expands aftermarket reach, and is expected to be accretive in year one.
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Q1 net sales declined 1% to $997M, with strong marine and powersports growth offsetting RV and housing declines. Adjusted EBITDA was $113M, and 2026 guidance calls for margin improvement and ~$300M free cash flow. Merger talks with LCI Industries continue.
Fiscal Year 2025
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Q4 and full-year results showed strong sales and margin growth, driven by content gains, innovation, and acquisitions. Guidance for 2026 anticipates further margin expansion, robust cash flow, and continued disciplined capital allocation.
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Q3 2025 saw 6% sales growth to $976M, with strong organic gains offsetting industry declines. Margins compressed due to model change inefficiencies, but content per unit rose across all segments. Guidance calls for margin improvement in 2026 and continued investment in innovation and M&A.
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Q2 2025 saw 3% revenue growth, margin expansion, and strong cash flow, with adjusted EPS up 4% year-over-year. Lean dealer inventories and disciplined production support a stable outlook, while innovation and M&A remain strategic priorities.
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Q1 2025 saw 7% revenue growth, margin expansion, and strong cash flow, with RV and housing segments outperforming while Marine and Powersports declined. Guidance was revised lower for several end markets, but cost actions and innovation investments support long-term growth.
Fiscal Year 2024
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Solid 2024 results driven by housing and acquisitions offset marine softness, with strong liquidity and disciplined capital allocation. 2025 outlook calls for margin improvement, robust free cash flow, and growth in RV and housing, while monitoring tariffs and macro trends.
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Strategic focus is on expanding outdoor enthusiast markets through organic growth and disciplined M&A, with a brand-fronted, decentralized model and strong operational flexibility. Margin expansion, robust cash flow, and a culture of empowerment support long-term shareholder value and position the company for the next industry upcycle.
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Q3 2024 saw 6% revenue growth and resilient margins despite industry headwinds, driven by diversification, M&A, and innovation. The RecPro acquisition expands aftermarket reach, while strong liquidity and disciplined capital allocation position the company for recovery as markets stabilize in 2025.
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Second quarter results showed 10% revenue growth and 13% higher net income, driven by strong RV, housing, and powersports performance, offsetting marine declines. Guidance for 2024 was revised lower for RV and marine shipments, but margin and cash flow outlooks remain solid.