Patrick Industries (PATK) Tops Q2 EPS by $1.12
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Patrick Industries, Inc. Reports Second Quarter 2022 Financial Results
July 28, 2022 8:00 AM EDTSecond Quarter 2022 Highlights (compared to Second Quarter 2021 unless otherwise noted)
Net sales of $1.5 billion increased 45%, reflecting contributions from all end markets and from 2021 and 2022 acquisitionsGross profit of $327 million increased 60%Gross margin of 22.2% increased 220 basis pointsOperating income of $174 million increased 83%Operating margin of 11.8% increased 250 basis pointsNet income of $117 million increased 98%Diluted earnings per share of $4.79 increased 90%, and includes a reduction for the impact of the accounting treatment for convertible notes and purchase accounting inventory step-up adjustments totaling $0.52 per shareOperating cash flows of $97 million increased 242%Acquired... More