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Patrick Industries Q3 sales beat analyst estimates

By Reuters News


Overview

  • U.S. component supplier's Q3 sales were flat yr/yr but beat analyst expectations

  • Adjusted EBITDA for Q3 beat analyst estimates

  • Adjusted EPS for Q3 rose slightly from prior year


Outlook

  • Company says near-term demand environment remains uneven

  • Company expects investments in engineering and technology to enhance market position

  • Company sees pending merger with LCI Industries as enhancing long-term value proposition


Result Drivers

  • MARKET MIX - Revenue growth in Marine, Powersports and Housing nearly offset lower RV revenue, per co

  • MARINE AND POWERSPORTS DEMAND - Marine revenue grew due to higher content per unit and industry shipments; Powersports benefited from demand for utility vehicles and cab enclosures

  • MACRO HEADWINDS - Co cited high interest rates, fuel costs and inflation as factors softening consumer confidence


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Sales

Beat

$975 mln

$941.35 mln (11 Analysts)

Q3 EPS

$0.64

Q3 Net Income

$21 mln

Q3 Adjusted EBITDA

Beat

$116 mln

$111.81 mln (9 Analysts)

Q3 Operating Income

$50 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the construction supplies & fixtures peer group is "buy"

  • Wall Street's median 12-month price target for Patrick Industries, Inc. is $96.00, about 37.3% above its October 28 closing price of $69.93

  • The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 17 three months ago


Reuters Recommended Reads

  • Oct 27 - Polaris Q3 sales beat estimates on powersports, marine strength, raises adjusted EPS outlook

  • Oct 29 - D.R. Horton Q4 revenue beats estimates despite weak housing demand

  • Oct 29 - Dream Finders Homes Q3 revenue rises on higher closings


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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