Patrick Industries (PATK) Tops Q3 EPS by 45c
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Patrick Industries, Inc. Reports Third Quarter 2022 Financial Results
October 27, 2022 8:00 AM EDTThird Quarter 2022 Highlights (compared to Third Quarter 2021 unless otherwise noted)
Net sales of $1.11 billion increased 5%, reflecting growth in our marine and housing markets, partially offset by a 40% reduction in RV OEM shipmentsGross profit of $236 million increased 14%Gross margin of 21.3% increased 170 basis pointsOperating income of $93 millionOperating margin of 8.3% decreased 50 basis pointsNet income of $59 million increased 2%Diluted earnings per share of $2.43 includes a reduction for the impact of the accounting treatment for convertible notes of $0.20 per shareOperating cash flows of $156 million increased 126%Returned $14 million to shareholders in the... More