PATRICK INDUSTRIES INC
For the period ended Sep 29, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 29, 2024 · Filed Nov 7, 2024
PATK$78.79-5.2%Stored close · as of Nov 6, 2026
Contents
Item 1. FINANCIAL STATEMENTS (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
| Third Quarter Ended | Nine Months Ended | |||
|---|---|---|---|---|
| ($ in thousands, except per share data) | September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 |
| NET SALES | $919,444 | $866,073 | $2,869,560 | $2,686,858 |
| Cost of goods sold | 706,930 | 666,954 | 2,220,897 | 2,083,527 |
| GROSS PROFIT | 212,514 | 199,119 | 648,663 | 603,331 |
| Operating expenses: | ||||
| Warehouse and delivery | 37,865 | 37,664 | 114,053 | 109,540 |
| Selling, general and administrative | 75,783 | 70,873 | 244,617 | 231,814 |
| Amortization of intangible assets | 24,449 | 19,507 | 71,545 | 59,093 |
| Total operating expenses | 138,097 | 128,044 | 430,215 | 400,447 |
| OPERATING INCOME | 74,417 | 71,075 | 218,448 | 202,884 |
| Interest expense, net | 20,050 | 16,879 | 60,483 | 53,623 |
| Income before income taxes | 54,367 | 54,196 | 157,965 | 149,261 |
| Income taxes | 13,501 | 14,646 | 34,122 | 37,181 |
| NET INCOME | $40,866 | $39,550 | $123,843 | $112,080 |
| BASIC EARNINGS PER COMMON SHARE | $1.88 | $1.84 | $5.71 | $5.20 |
| DILUTED EARNINGS PER COMMON SHARE | $1.80 | $1.81 | $5.55 | $5.09 |
| Weighted average shares outstanding – Basic | 21,740 | 21,511 | 21,706 | 21,541 |
| Weighted average shares outstanding – Diluted | 22,641 | 21,884 | 22,297 | 22,063 |
| See accompanying Notes to Condensed Consolidated Financial Statements. | ||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
| Third Quarter Ended | Nine Months Ended | |||
|---|---|---|---|---|
| ($ in thousands) | September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 |
| NET INCOME | $40,866 | $39,550 | $123,843 | $112,080 |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation gain (loss) | 43 | (10) | 14 | (109) |
| Total other comprehensive income (loss) | 43 | (10) | 14 | (109) |
| COMPREHENSIVE INCOME | $40,909 | $39,540 | $123,857 | $111,971 |
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