Patrick Industries reports Q1 adjusted EPS $1.11, consensus 96c

Reports Q1 revenue $1.0B, consensus $960.79M. “The anticipated seasonal production increase in our RV and MH markets and dedication of our team members coupled with our commitment to the execution of our strategic and operating plans helped drive solid revenue growth and profitability in Q1,” said CEO Andy Nemeth. “Additionally, our diversified business model continues to demonstrate its resilience and value, with strength in our RV and Housing markets offsetting lower demand from our Marine and Powersports customers. The ongoing investments we have made in strategic acquisitions, automation initiatives, new product development, and our Advanced Product Group have resulted in a stronger, more resilient customer-service focused business that is well positioned to capture opportunities as market conditions evolve.” Jeff Rodino, President – RV, said, “With our well-capitalized, strong balance sheet and cash flows, we continued to deploy capital in Q1 toward our long-term growth objectives, completing the acquisitions of Elkhart Composites and Medallion Instrumentation Systems, which complement our existing product lines and expand the depth and breadth of solutions we can provide to our customers. We will continue to prudently deploy capital and manage our cost structure so that we are well positioned to navigate potential macroeconomic uncertainty, while retaining the ability to capture opportunities in any environment.”