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Patrick Industries reports developments tied to its component solutions business for RV, marine, powersports, manufactured housing and industrial markets. The company serves OEM and aftermarket customers through design, manufacturing, distribution and transportation capabilities, with products that include laminated materials, fabricated aluminum products, cabinetry, doors, furniture and related components.
Recurring news includes quarterly results by Outdoor Enthusiast and Housing markets, cash dividend actions, product and design initiatives such as The Experience digital design studio, subsidiary updates involving Rockford Fosgate, investor conference participation and corporate-development matters.
Patrick Industries, Inc. reported a strong first quarter for 2024, with net sales increasing 4% to $933 million, driven by growth in RV and housing revenue as well as acquisitions. The company completed its largest acquisition to date, operating margin increased, and net income rose by 16%. Adjusted earnings per share also saw a significant increase. Cash flow improved, and the balance sheet remains solid with net leverage at 2.8x. The company focuses on growth, diversification, and strategic acquisitions to drive future organic and strategic growth.
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