Patrick Industries, Inc. has recently completed the acquisition of Sportech, LLC for $315 million, further solidifying its position as a key component solutions supplier to the powersports market and aftermarket. Andy Nemeth, the Chief Executive Officer of Patrick Industries, expressed his enthusiasm about the acquisition, stating, "This acquisition helps to solidify our presence as a key component solutions supplier to the powersports market and aftermarket, and extends the runway for us to continue to drive our strategic growth plan in alignment with our outdoor enthusiast vision."
In addition to the acquisition, the company also announced that it will release its fourth quarter and twelve months 2023 financial results before the market opens on Thursday, February 8, 2024. A conference call will be hosted on the same day at 10:00 a.m. Eastern Time to discuss the results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts.
Regarding the financial performance, the company's shares have moved -0.6%, and are now trading at a price of $99.85.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $2,263 | $2,337 | $2,487 | $4,078 | $4,882 | $3,639 |
| Revenue Growth | n/a | 3.27% | 6.4% | 64.0% | 19.71% | -25.46% |
| Operating Margins | 8% | 2% | 7% | 9% | 10% | 7% |
| Net Margins | 5% | 4% | 4% | 6% | 7% | 4% |
| Net Income (MM) | $120 | $90 | $97 | $225 | $328 | $152 |
| Net Interest Expense (MM) | -$26 | -$9 | -$43 | -$58 | -$61 | -$69 |
| Depreciation & Amort. (MM) | $55 | $93 | $73 | $105 | $131 | $142 |
| Earnings Per Share | $4.93 | $3.85 | $4.2 | $9.63 | $13.41 | $6.96 |
| EPS Growth | n/a | -21.91% | 9.09% | 129.29% | 39.25% | -48.1% |
| Diluted Shares (MM) | 24 | 23 | 23 | 23 | 24 | 22 |
| Free Cash Flow (MM) | $166 | $200 | $128 | $187 | $332 | $412 |
| Capital Expenditures (MM) | $34 | $44 | $32 | $65 | $80 | $64 |
| Current Ratio | 2.44 | 2.76 | 2.32 | 2.25 | 2.48 | 2.42 |
Patrick Industries has a steady stream of strong cash slows, an excellent current ratio, and positive EPS growth. Furthermore, Patrick Industries has decent operating margins with a stable trend.
