Patrick Industries (PATK) Tops Q1 EPS by 174c
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Patrick Industries, Inc. Reports First Quarter 2022 Financial Results
April 28, 2022 8:15 AM EDTFirst Quarter 2022 Highlights (compared to First Quarter 2021 unless otherwise noted)
Net sales of $1.3 billion increased 58%, reflecting momentum in all end markets and contribution from 2021 acquisitionsGross profit of $295 million increased 83%Gross margin of 22.0% increased 300 basis pointsOperating income of $162 million increased 136%Operating margin of 12.1% increased 400 basis pointsNet income of $113 million increased 137%Diluted earnings per share of $4.54 increased 123%, including $0.39 dilutive impact of accounting treatment for convertible notes per new standardAcquisition of Rockford Corporation and the Rockford Fosgate® brandELKHART, Ind.,... More
