Patrick Industries reports Q2 EPS $1.94, consensus $1.83

Reports Q2 revenue $921M, consensus $944.56M. CEO Andy Nemeth said, “Our results are a reflection of our team’s nimbleness, resilience, and ability to adapt to dynamic market conditions while also noting that last year’s second-quarter earnings were the highest quarterly earnings in our company’s history. Our performance continues to reflect the benefits of our strategic diversification initiatives helping to stabilize our margins while positioning us to quickly pivot and leverage our highly variable cost structure when our markets rebound. Through continued prudent balance sheet management, we have reduced our inventories by $113M from the end of 2022, and $184M from Q2, generating significant cash flow and further enabling us to execute our strategy.”