Q2 2024 Patrick Industries Inc Earnings Call Transcript
Key Points
- Second quarter revenues increased by 10% to approximately $1.02 billion.
- Net income in the second quarter improved by 13% to $48 million, with earnings per diluted share of $2.16.
- Adjusted EBITDA grew by 14% to $130 million, with adjusted EBITDA margin expanding 40 basis points to 12.8%.
- The company's strategic diversification investments and cost management efforts have made the business more resilient and nimble.
- Strong free cash flow generation has positioned the company to reduce debt, invest in growth opportunities, and return cash to shareholders.
- Persistent volatility in end markets, particularly due to high interest rates and inflation.
- Marine revenue declined by 30% during the period, impacting overall performance.
- Dealers are expected to continue focusing on destocking inventory in the third quarter, which may affect short-term revenue.
- The company has revised its full-year RV and marine wholesale unit shipment outlooks downward.
- High fixed costs in the marine business, which tend to be higher margin, have been a challenge due to lower revenue.
(Operator Instructions) Please note that this conference is being recorded.
And I will now turn the call over to Mr. Steve O'Hara, Vice President of Investor Relations. Mr. IR, you may now begin.
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Good morning, everyone, and welcome to our call this morning. I'm joined on the call today by Andy Nemeth, CYO., Jeff Rodino, President, RV, and Andy Raider, CFO.
Certain statements made in today's conference call regarding Patrick Industries and its operations may be considered forward-looking statements under the securities laws. The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional factors that could cause the results to differ materially from those described in the forward-looking statements can be found in the company's annual report on Form 10 K for the year ended December 31, 2023 and the company's other filings with the Securities and Exchange Commission.
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