PATRICK INDUSTRIES Reports Second Quarter Fiscal Year 2023 Earnings Results
August 21, 2023
🌥️Earnings Overview
For the second quarter of Fiscal Year 2023, which ended on June 30 2023, PATRICK INDUSTRIES ($NASDAQ:PATK) reported total revenue of USD 920.7 million, a decrease of 37.6% from the same period in the previous year. Similarly, net income for the quarter was USD 42.4 million, a decrease of 63.6% compared to the same period the previous year. The results were announced on July 27 2023.
Share Price
On Thursday, PATRICK INDUSTRIES reported its second quarter fiscal year 2023 earnings results. At the start of trading, the stock opened at $84.6 and closed at $84.8, representing a 1.0% increase from the previous closing price of $83.9. The positive response in the stock market has highlighted the strong performance of the company as it reported solid earnings results.
PATRICK INDUSTRIES continues to be a leader in its respective market, and their strong second quarter earnings results further demonstrate their resilient business model and long-term growth potential. With a well-diversified portfolio of products and services, the company is well-positioned to capitalize on the opportunities present in the market as they continue to deliver value to their customers and shareholders. 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 | 34.56 |
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
GoodWhale recently conducted an analysis of PATRICK INDUSTRIES and found that, based on our risk rating, it is a medium risk investment across both financial and business aspects. In order to gain a better understanding of the company’s wellbeing, we delved deeper into the income sheet and balance sheet. Here, we detected two potential risks which could have a negative effect on PATRICK INDUSTRIES’s financial health. If you’re interested in finding out more about these warning signs, please register with us to receive more information. We will be able to provide more in-depth insights into the company’s financial standing. 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 a significant decrease in revenue and net income for the second quarter of Fiscal Year 2023. Revenue fell 37.6% year-on-year to USD 920.7 million while net income decreased 63.6% to USD 42.4 million. Investors may wish to further analyse the decline in order to better understand the company’s performance and outlook.
Potential factors may include market conditions, competitive pressures, and operational issues. Investors should also assess PATRICK INDUSTRIES’ ability to take corrective actions, such as cost reduction initiatives, to improve the company’s financial performance.
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