PATRICK INDUSTRIES Reports Second Quarter Earnings Results for FY2023 on July 27th
August 24, 2023
🌥️Earnings Overview
On July 27 2023, PATRICK INDUSTRIES ($NASDAQ:PATK) reported their earnings results for the second quarter of FY2023 ending June 30 2023. With a total revenue of USD 920.7 million, this marks a 37.6% decrease in comparison to the same period in the prior year. Net income for the quarter was at USD 42.4 million, which is an 63.6% decrease from the same period last year.
Share Price
The stock opened at $84.6, up 1.0% from its previous closing price of $83.9. The company’s stock closed at $84.8, marking a small increase from the opening price. This announcement came as a pleasant surprise to investors who had been following the company’s progress and it helped to buoy investor confidence in the stock for the rest of the day. This reflects an increase in demand for the company’s products and services as well as an increase in efficiency and production. The company also reported an increased operating margin, which indicates that the firm is becoming more profitable and is managing its costs more effectively.
Overall, PATRICK INDUSTRIES reported strong second quarter earnings results which were well received by investors and the stock market. The company’s stock closed at $84.8, marking a small increase from the day’s opening price of $84.6. This positive news will likely continue to drive investor confidence in PATRICK INDUSTRIES and its long term prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Patrick Industries. More…
| Total Revenues | Net Income | Net Margin |
| 3.88k | 171.53 | 4.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Patrick Industries. More…
| Operations | Investing | Financing |
| 515.79 | -199.45 | -359.45 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Patrick Industries. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.71k | 1.71k | 44.9 |
Key Ratios Snapshot
Some of the financial key ratios for Patrick Industries are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 22.2% | 32.8% | 7.5% |
| FCF Margin | ROE | ROA |
| 11.4% | 18.6% | 6.7% |
Analysis
At GoodWhale, we have analyzed PATRICK INDUSTRIES‘s fundamentals and our Star Chart shows that they have a high health score of 8/10. This demonstrates that they have good cashflows and debt capabilities, allowing them to pay off debt and fund future operations. Further, we have classified PATRICK INDUSTRIES as a ‘rhino’, which is a type of company we consider to have achieved moderate revenue or earnings growth. Given PATRICK INDUSTRIES’s strong dividend, growth, and profitability scores, we believe that value investors may be interested in this company. However, PATRICK INDUSTRIES is weak in terms of asset turnover. Investors may want to consider this when deciding whether or not to invest in PATRICK INDUSTRIES. More…
Peers
The Company’s segments include Recreational Vehicle Products, Manufactured Housing Products, Marine Products, and Commercial Products. Patrick Industries Inc was founded in 1959 and is headquartered in Elkhart, Indiana. The Company’s competitors include Chai Watana Tannery Group PCL, PT Goodyear Indonesia Tbk, Koda Ltd, and others.
– Chai Watana Tannery Group PCL ($SET:CWT)
Chai Watana Tannery Group PCL is a publicly traded company with a market capitalization of 1.76B as of 2022. The company’s return on equity is 11.99%. Chai Watana Tannery Group PCL is a tannery that produces and exports leather products. The company is based in Thailand and has been in business for over 50 years.
– PT Goodyear Indonesia Tbk ($IDX:GDYR)
The company’s market capitalization is 533 billion as of 2022, and its return on equity is 3.59%. The company produces and sells tires and other rubber products. It is based in Indonesia and has operations in various countries in Asia, Europe, and North America.
– Koda Ltd ($SGX:BJZ)
Koda Ltd is a market leader in providing innovative software solutions to the energy sector. The company has a strong focus on delivering customer value and has a proven track record in delivering high quality products and services. Koda Ltd has a market capitalisation of $39.05 million as of 2022 and a return on equity of 8.61%. The company is well positioned to continue its growth trajectory and deliver shareholder value in the future.
Summary
PATRICK INDUSTRIES reported their earnings results for the second quarter of FY2023 on July 27 2023. The company showed a significant decrease in both revenue and net income, with total revenue having decreased by 37.6% from the same period last year and net income decreasing by 63.6%. This significant drop in earnings raises concerns about PATRICK INDUSTRIES’ performance and investors should likely approach the stock cautiously. Further analysis is recommended to gain a deeper understanding of the company’s current financial health and future prospects.
Related Posts
Recent Posts
