Patrick Industries, Inc. Reports Second Quarter 2025 Financial Results
Patrick Industries (NASDAQ:PATK) reported Q2 2025 financial results with net sales increasing 3% to $1.05 billion, driven by 7% growth in RV and 3% growth in Housing segments. The company posted operating income of $87 million, up 2% year-over-year, while maintaining an operating margin of 8.3%.
Adjusted net income reached $51 million with adjusted diluted EPS of $1.50, up from $1.44 in the prior year. The company demonstrated strong cash management with operating cash flow of $189 million year-to-date and returned $36.5 million to shareholders through share repurchases and dividends. Total net liquidity stood at $835 million with a net leverage ratio of 2.6x.
By segment, RV revenue (46% of total) grew 7%, Marine (15%) declined 1%, Powersports (9%) decreased 7%, and Housing (30%) increased 3%.
Patrick Industries (NASDAQ:PATK) ha comunicato i risultati finanziari del secondo trimestre 2025 con un aumento delle vendite nette del 3% a 1,05 miliardi di dollari, trainato da una crescita del 7% nel settore RV e del 3% nel settore Housing. L'azienda ha registrato un utile operativo di 87 milioni di dollari, in crescita del 2% rispetto all'anno precedente, mantenendo un margine operativo dell'8,3%.
L'utile netto rettificato ha raggiunto 51 milioni di dollari con un utile diluito rettificato per azione di 1,50 dollari, in aumento rispetto a 1,44 dollari dell'anno precedente. La società ha dimostrato una solida gestione della liquidità con un flusso di cassa operativo di 189 milioni di dollari da inizio anno e ha restituito 36,5 milioni di dollari agli azionisti tramite riacquisto di azioni e dividendi. La liquidità netta totale si è attestata a 835 milioni di dollari con un rapporto di leva finanziaria netta di 2,6x.
Per segmento, i ricavi RV (46% del totale) sono cresciuti del 7%, Marine (15%) sono diminuiti dell'1%, Powersports (9%) sono calati del 7%, mentre Housing (30%) è aumentato del 3%.
Patrick Industries (NASDAQ:PATK) reportó los resultados financieros del segundo trimestre de 2025 con ventas netas que aumentaron un 3% hasta 1.05 mil millones de dólares, impulsadas por un crecimiento del 7% en el segmento de vehículos recreativos (RV) y un 3% en el segmento de vivienda. La compañía registró un ingreso operativo de 87 millones de dólares, un incremento del 2% interanual, manteniendo un margen operativo del 8.3%.
El ingreso neto ajustado alcanzó los 51 millones de dólares con una utilidad diluida ajustada por acción de 1.50 dólares, superior a los 1.44 dólares del año anterior. La empresa mostró una sólida gestión de efectivo con un flujo de caja operativo de 189 millones de dólares en lo que va del año y devolvió 36.5 millones de dólares a los accionistas mediante recompra de acciones y dividendos. La liquidez neta total fue de 835 millones de dólares con una ratio de apalancamiento neto de 2.6x.
Por segmento, los ingresos de RV (46% del total) crecieron un 7%, Marine (15%) disminuyó un 1%, Powersports (9%) bajó un 7%, y Housing (30%) aumentó un 3%.
Patrick Industries (NASDAQ:PATK)는 2025년 2분기 재무 실적을 발표하며, 순매출이 3% 증가한 10억 5천만 달러를 기록했습니다. 이는 RV 부문이 7%, 주택 부문이 3% 성장한 결과입니다. 회사는 영업이익 8,700만 달러를 기록하며 전년 대비 2% 증가했고, 8.3%의 영업이익률을 유지했습니다.
조정 순이익은 5,100만 달러에 달했으며, 조정 희석 주당순이익은 1.50달러로 전년의 1.44달러에서 상승했습니다. 회사는 연초부터 1억 8,900만 달러의 영업현금흐름을 보였으며, 자사주 매입과 배당을 통해 3,650만 달러를 주주에게 환원했습니다. 총 순유동성은 8억 3,500만 달러이며, 순부채비율은 2.6배입니다.
부문별로 RV 매출(전체의 46%)은 7% 증가했으며, Marine(15%)는 1% 감소, Powersports(9%)는 7% 하락, Housing(30%)은 3% 증가했습니다.
Patrick Industries (NASDAQ:PATK) a publié ses résultats financiers du deuxième trimestre 2025 avec une augmentation des ventes nettes de 3 % à 1,05 milliard de dollars, portée par une croissance de 7 % dans le segment des véhicules de loisirs (RV) et de 3 % dans le segment du logement. La société a affiché un résultat opérationnel de 87 millions de dollars, en hausse de 2 % par rapport à l'année précédente, tout en maintenant une marge opérationnelle de 8,3 %.
Le bénéfice net ajusté a atteint 51 millions de dollars avec un BPA dilué ajusté de 1,50 dollar, en hausse par rapport à 1,44 dollar l'année précédente. L'entreprise a démontré une solide gestion de trésorerie avec un flux de trésorerie opérationnel de 189 millions de dollars depuis le début de l'année et a reversé 36,5 millions de dollars aux actionnaires via des rachats d'actions et des dividendes. La liquidité nette totale s'élevait à 835 millions de dollars avec un ratio d'endettement net de 2,6x.
Par segment, le chiffre d'affaires RV (46 % du total) a augmenté de 7 %, Marine (15 %) a diminué de 1 %, Powersports (9 %) a baissé de 7 % et Housing (30 %) a progressé de 3 %.
Patrick Industries (NASDAQ:PATK) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Anstieg des Nettoumsatzes um 3 % auf 1,05 Milliarden US-Dollar, angetrieben durch ein Wachstum von 7 % im Wohnmobilsegment (RV) und 3 % im Wohnungssegment. Das Unternehmen erzielte einen operativen Gewinn von 87 Millionen US-Dollar, was einem Anstieg von 2 % gegenüber dem Vorjahr entspricht, und hielt eine operative Marge von 8,3 %.
Der bereinigte Nettogewinn erreichte 51 Millionen US-Dollar bei einem bereinigten verwässerten Ergebnis je Aktie von 1,50 US-Dollar, gegenüber 1,44 US-Dollar im Vorjahr. Das Unternehmen zeigte ein starkes Cash-Management mit einem operativen Cashflow von 189 Millionen US-Dollar im Jahresverlauf und gab 36,5 Millionen US-Dollar an die Aktionäre zurück durch Aktienrückkäufe und Dividenden. Die gesamte Nettoliquidität belief sich auf 835 Millionen US-Dollar bei einem Nettoverschuldungsgrad von 2,6x.
Nach Segmenten wuchs der Umsatz im Bereich RV (46 % des Gesamtumsatzes) um 7 %, Marine (15 %) sank um 1 %, Powersports (9 %) ging um 7 % zurück und Housing (30 %) stieg um 3 %.
- Net sales increased 3% to $1.05 billion
- Operating income grew 2% to $87 million
- Adjusted EPS increased to $1.50 from $1.44 year-over-year
- Strong operating cash flow of $189 million, up from $173 million
- Robust liquidity position of $835 million
- Returned $36.5 million to shareholders through dividends and buybacks
- RV segment showed strong 7% growth
- Content per wholesale MH unit increased 3% to $6,670
- Marine revenue declined 1% with 5% decrease in industry shipments
- Powersports revenue dropped 7%
- Net income decreased 32% to $32 million due to legal settlement expenses
- Total debt remains significant at approximately $1.3 billion
- Company expects lower wholesale shipments in second half of 2025
Insights
Patrick Industries posted modest growth amid mixed sector performance, with strong RV/Housing offsetting Marine/Powersports weakness.
Patrick Industries delivered a 3% revenue increase to
While operating income grew
The company's cash generation remains impressive, with operating cash flow of
Patrick's market performance reveals important dynamics: the company outperformed the flat RV wholesale shipment market with
Management's commentary suggests a cautious but strategic approach to the second half of 2025, with expectations for lower wholesale shipments but increased focus on acquisitions. The company's
Second Quarter 2025 Highlights (compared to Second Quarter 2024 unless otherwise noted)
- Net sales increased
3% to$1.05 billion 7% growth in the Company's RV business and3% growth in its Housing business, which more than offset reductions of1% and7% in the Company's Marine and Powersports businesses, respectively. - Operating income increased
2% to$87 million 8.3% , or flat versus the prior year. - Net income was
$32 million $0.96 - Excluding one-time expenses related to a legal settlement1, adjusted net income2 was
$51 million $1.50 $1.44 - Reported and adjusted diluted EPS2 include the dilutive impact of convertible notes and related warrants, or approximately
$0.03 $0.02 - Adjusted EBITDA2 increased
4% to$135 million 12.9% . - Cash flow provided by operating activities, on a year-to-date basis, grew to
$189 million $173 million $262 million - Returned
$36.5 million $23 million $13 million $835 million - Ended the second quarter with a total net leverage ratio of 2.6x.
"Our performance and results, which included net sales and adjusted EPS2 growth, reflect our team's disciplined execution in what remains a very dynamic business environment," said Andy Nemeth, Chief Executive Officer. "We continued to focus heavily in the quarter on expanding our innovative solutions-based offerings and capabilities through our prototyping and Advanced Product Group, along with our investments in the aftermarket through RecPro. Our strong cash flows, solid balance sheet with ample liquidity, and flexible operating model strategically position us to be scalable to quickly pivot and accelerate growth when the retail market inflection occurs while continuing to pursue accretive acquisitions that align with our long-term objectives."
Net sales increased
Operating income increased
Net income decreased
Jeff Rodino, President – RV, said, "Patrick's diversified model continued to demonstrate its resilience in very dynamic market conditions following the tariff announcements in April. Despite the tariff uncertainty, our markets behaved largely in line with our expectations in the second quarter. We are highly focused on taking advantage of the current environment to optimize our processes, invest in our new product development and organic growth initiatives, execute on accretive acquisitions, and bolster our financial foundation so we can accelerate our growth trajectory as demand recovers."
Second Quarter 2025 Revenue by Market Sector
(compared to Second Quarter 2024 unless otherwise noted)
RV (
- Revenue of
$479 million 7% while wholesale RV industry unit shipments were flat. - Content per wholesale RV unit (on a trailing twelve-month basis) was flat at
$4,952 2% when compared to the first quarter of 2025.
Marine (
- Revenue of
$156 million 1% while estimated wholesale powerboat industry unit shipments decreased5% . - Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased
2% to$4,012 1% when compared to the first quarter of 2025.
Powersports (
- Revenue of
$96 million 7% as market share gains and a favorable shift in OEM attachment rates for premium utility vehicle content helped offset the impact of lower estimated total wholesale powersports industry unit shipments.
Housing (
- Revenue of
$315 million 3% ; estimated wholesale MH industry unit shipments increased3% ; total housing starts decreased1% . - Estimated content per wholesale MH unit (on a trailing twelve-month basis) increased
3% to$6,670
Balance Sheet, Cash Flow and Capital Allocation
For the first six months of 2025, cash provided by operating activities was
Patrick remained disciplined in allocating and deploying capital during the quarter while returning cash to shareholders. During the quarter, the Company repurchased approximately 277,800 shares for more than
Total debt at the end of the second quarter was approximately
Business Outlook and Summary
"We are optimistic that the resilience in the equity markets and added clarity related to tariffs following the uncertainty we experienced in April will help improve consumer sentiment as the year progresses," continued Mr. Nemeth. "With the bulk of the retail selling season behind us in our Outdoor Enthusiast markets, our expectation for lower wholesale shipments in the second half of the year compared to the first half remains relatively unchanged. The strategic operational adjustments we have continued to make have positioned us to capitalize on positive market developments should demand exceed our forecast. Our team has focused on and delivered solid organic growth in the first half of the year, and we expect to more acutely focus our capital allocation on strategic acquisitions in the second half of 2025 and into 2026, as we believe pent-up demand and improving market conditions will catalyze the earnings power of Patrick's differentiated business model. Our team remains fully engaged toward driving profitable growth while delivering exceptional value to our customers and other stakeholders at the highest level."
1 | The Company's second quarter 2025 results include a non-product related legal settlement related to a motor vehicle accident, which resulted in a double-fatality. |
2 | See additional information at the end of this release regarding non-GAAP financial measures. |
Conference Call Webcast
Patrick Industries will host an online webcast of its second quarter 2025 earnings conference call that can be accessed on the Company's website, www.patrickind.com, under "Investors," on Thursday, July 31, 2025 at 10:00 a.m. Eastern Time. In addition, a supplemental earnings presentation can be accessed on the Company's website, www.patrickind.com, under "Investors."
About Patrick Industries, Inc.
Patrick (NASDAQ: PATK) is a leading component solutions provider serving the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are forward-looking in nature. The forward-looking statements are based on current expectations and our actual results may differ materially from those projected in any forward-looking statement. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Factors that could cause actual results to differ materially from those in forward-looking statements included in this press release include, without limitation: adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products and inflationary pressures; the financial condition of our customers or suppliers; the loss of a significant customer; changes in consumer preferences; declines in the level of unit shipments or reduction in growth in the markets we serve; the availability of retail and wholesale financing for RVs, watercraft and powersports products, and residential and manufactured homes; pricing pressures due to competition; costs and availability of raw materials, commodities and energy and transportation; supply chain issues, including financial problems of manufacturers, dealers or suppliers and shortages of adequate materials or manufacturing capacity; the challenges and risks associated with doing business internationally; challenges and risks associated with importing products, such as the imposition of duties, tariffs or trade restrictions, changes in international trade relationships or governmental policies, including the imposition of price caps, or the imposition of trade restrictions or tariffs on any materials or products used in the operation of our business; the ability to manage our working capital, including inventory and inventory obsolescence; the availability and costs of labor and production facilities and the impact of labor shortages; fuel shortages or high prices for fuel; any interruptions or disruptions in production at one of our key facilities; challenges with integrating acquired businesses; the impact of the consolidation and/or closure of all or part of a manufacturing or distribution facility; an impairment of assets, including goodwill and other long-lived assets; an inability to attract and retain qualified executive officers and key personnel; the effects of union organizing activities; the impact of governmental and environmental regulations, and our inability to comply with them; changes to federal, state, local or certain international tax regulations; unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; public health emergencies or pandemics, such as the COVID-19 pandemic; our level of indebtedness; our inability to comply with the covenants contained in our senior secured credit facility; an inability to access capital when needed; the settlement or conversion of our notes; fluctuations in the market price for our common stock; an inability of our information technology systems to perform adequately; any disruptions in our business due to an IT failure, a cyber-incident or a data breach; any adverse results from our evaluation of our internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002; certain provisions in our Articles of Incorporation and Amended and Restated By-laws that may delay, defer or prevent a change in control; adverse conditions in the insurance markets; and the impact on our business resulting from wars and military conflicts, such as war in
The Company does not undertake to publicly update or revise any forward-looking statements. Information about certain risks that could affect our business and cause actual results to differ from those express or implied in the forward-looking statements are contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.
PATRICK INDUSTRIES, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||
Second Quarter Ended | Six Months Ended | |||||||
($ and shares in thousands, except per share | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 | ||||
Net sales | $ 1,047,554 | $ 1,016,624 | $ 2,050,974 | $ 1,950,116 | ||||
Cost of goods sold | 796,922 | 785,330 | 1,571,751 | 1,513,967 | ||||
Gross profit | 250,632 | 231,294 | 479,223 | 436,149 | ||||
Operating Expenses: | ||||||||
Warehouse and delivery | 46,075 | 38,739 | 90,657 | 76,188 | ||||
Selling, general and administrative | 93,206 | 83,588 | 187,137 | 168,834 | ||||
Amortization of intangible assets | 24,629 | 24,278 | 49,138 | 47,096 | ||||
Total operating expenses | 163,910 | 146,605 | 326,932 | 292,118 | ||||
Operating income | 86,722 | 84,689 | 152,291 | 144,031 | ||||
Interest expense, net | 18,869 | 20,343 | 37,981 | 40,433 | ||||
Other expenses | 24,420 | — | 24,420 | — | ||||
Income before income taxes | 43,433 | 64,346 | 89,890 | 103,598 | ||||
Income taxes | 10,997 | 16,462 | 19,216 | 20,621 | ||||
Net income | $ 32,436 | $ 47,884 | $ 70,674 | $ 82,977 | ||||
Basic earnings per common share (1) | $ 1.00 | $ 1.47 | $ 2.17 | $ 2.55 | ||||
Diluted earnings per common share (1) | $ 0.96 | $ 1.44 | $ 2.07 | $ 2.50 | ||||
Weighted average shares outstanding - | 32,520 | 32,586 | 32,595 | 32,533 | ||||
Weighted average shares outstanding - | 33,823 | 33,254 | 34,116 | 33,187 | ||||
(1) Prior year periods reflect the impact of the three-for-two stock split paid in December 2024. |
PATRICK INDUSTRIES, INC. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited) | ||||
($ in thousands) | June 29, 2025 | December 31, 2024 | ||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 21,974 | $ 33,561 | ||
Trade and other receivables, net | 270,135 | 178,206 | ||
Inventories | 554,631 | 551,617 | ||
Prepaid expenses and other | 53,218 | 59,233 | ||
Total current assets | 899,958 | 822,617 | ||
Property, plant and equipment, net | 406,871 | 384,903 | ||
Operating lease right-of-use assets | 190,588 | 200,697 | ||
Goodwill and intangible assets, net | 1,568,094 | 1,600,125 | ||
Other non-current assets | 13,701 | 12,612 | ||
Total assets | $ 3,079,212 | $ 3,020,954 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current maturities of long-term debt | $ 6,250 | $ 6,250 | ||
Current operating lease liabilities | 55,186 | 53,697 | ||
Accounts payable | 284,510 | 187,915 | ||
Accrued liabilities | 114,376 | 105,753 | ||
Total current liabilities | 460,322 | 353,615 | ||
Long-term debt, less current maturities, net | 1,266,298 | 1,311,684 | ||
Long-term operating lease liabilities | 139,686 | 151,026 | ||
Deferred tax liabilities, net | 53,564 | 61,346 | ||
Other long-term liabilities | 16,233 | 14,917 | ||
Total liabilities | 1,936,103 | 1,892,588 | ||
Total shareholders' equity | 1,143,109 | 1,128,366 | ||
Total liabilities and shareholders' equity | $ 3,079,212 | $ 3,020,954 | ||
PATRICK INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||
Six Months Ended | ||||
($ in thousands) | June 29, 2025 | June 30, 2024 | ||
Cash flows from operating activities | ||||
Net income | $ 70,674 | $ 82,977 | ||
Depreciation and amortization | 85,255 | 81,816 | ||
Stock-based compensation expense | 11,300 | 9,742 | ||
Deferred income taxes | (7,782) | — | ||
Other adjustments to reconcile net income to net cash | 2,283 | 1,419 | ||
Change in operating assets and liabilities, net of acquisitions | 27,737 | (3,296) | ||
Net cash provided by operating activities | 189,467 | 172,658 | ||
Cash flows from investing activities | ||||
Purchases of property, plant and equipment | (38,446) | (32,411) | ||
Business acquisitions and other investing activities | (48,172) | (354,402) | ||
Net cash used in investing activities | (86,618) | (386,813) | ||
Net cash flows (used in) provided by financing activities | (114,436) | 246,706 | ||
Net (decrease) increase in cash and cash equivalents | (11,587) | 32,551 | ||
Cash and cash equivalents at beginning of year | 33,561 | 11,409 | ||
Cash and cash equivalents at end of period | $ 21,974 | $ 43,960 | ||
PATRICK INDUSTRIES, INC.
Earnings Per Common Share (Unaudited)
The table below illustrates the calculation of earnings per common share:
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands, except per share data) | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 | ||||
Numerator: | ||||||||
Earnings for basic earnings per | $ 32,436 | $ 47,884 | $ 70,674 | $ 82,977 | ||||
Denominator: (1) | ||||||||
Weighted average common shares | 32,520 | 32,586 | 32,595 | 32,533 | ||||
Weighted average impact of | 903 | 391 | 984 | 349 | ||||
Weighted average impact of | 199 | — | 295 | — | ||||
Weighted average impact of | 201 | 277 | 242 | 305 | ||||
Weighted average common shares | 33,823 | 33,254 | 34,116 | 33,187 | ||||
Earnings per common share: (1) | ||||||||
Basic earnings per common share | $ 1.00 | $ 1.47 | $ 2.17 | $ 2.55 | ||||
Diluted earnings per common share | $ 0.96 | $ 1.44 | $ 2.07 | $ 2.50 | ||||
(1) Prior year periods reflect the impact of the three-for-two stock split paid in December 2024. |
PATRICK INDUSTRIES, INC.
Non-GAAP Reconciliation (Unaudited)
Use of Non-GAAP Financial Metrics
In addition to reporting financial results in accordance with
The following table reconciles net income to EBITDA and adjusted EBITDA:
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands) | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 | ||||
Net income | $ 32,436 | $ 47,884 | $ 70,674 | $ 82,977 | ||||
+ Depreciation & amortization | 42,609 | 41,481 | 85,255 | 81,816 | ||||
+ Interest expense, net | 18,869 | 20,343 | 37,981 | 40,433 | ||||
+ Income taxes | 10,997 | 16,462 | 19,216 | 20,621 | ||||
EBITDA | 104,911 | 126,170 | 213,126 | 225,847 | ||||
+ Stock-based compensation | 6,051 | 4,282 | 11,300 | 9,742 | ||||
+ Acquisition related transaction costs | — | — | 64 | 4,998 | ||||
+ Acquisition related fair-value | — | — | — | 822 | ||||
+ Legal settlement | 24,420 | — | 24,420 | — | ||||
+ Loss (gain) on sale of property, plant | 52 | (354) | 2,094 | (368) | ||||
Adjusted EBITDA | $ 135,434 | $ 130,098 | $ 251,004 | $ 241,041 | ||||
The following table reconciles cash flow from operations to free cash flow on a trailing twelve-month basis:
Trailing Twelve Months Ended | ||||
($ in thousands) | June 29, 2025 | June 30, 2024 | ||
Cash flows from operating activities | $ 343,650 | $ 402,979 | ||
Less: purchases of property, plant and equipment | (81,717) | (54,907) | ||
Free cash flow | $ 261,933 | $ 348,072 | ||
The following table reconciles operating margin to adjusted operating margin:
Second Quarter Ended | Six Months Ended | |||||||
June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 | |||||
Operating margin | 8.3 % | 8.3 % | 7.4 % | 7.4 % | ||||
Acquisition related transaction costs | — % | — % | — % | 0.3 % | ||||
Acquisition related fair-value inventory | — % | — % | — % | — % | ||||
Adjusted operating margin | 8.3 % | 8.3 % | 7.4 % | 7.7 % | ||||
The following table reconciles net income to adjusted net income and diluted earnings per common share to adjusted diluted earnings per common share:
Second Quarter Ended | Six Months Ended | |||||||
($ in thousands, except per share data) | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 | ||||
Net income | $ 32,436 | $ 47,884 | $ 70,674 | $ 82,977 | ||||
+ Acquisition related transaction costs | — | — | 64 | 4,998 | ||||
+ Acquisition related fair-value inventory | — | — | — | 822 | ||||
+ Legal settlement | 24,420 | — | 24,420 | — | ||||
- Tax impact of adjustments | (6,039) | — | (6,055) | (1,488) | ||||
Adjusted net income | $ 50,817 | $ 47,884 | $ 89,103 | $ 87,309 | ||||
Diluted earnings per common share (1) | $ 0.96 | $ 1.44 | $ 2.07 | $ 2.50 | ||||
Acquisition related transaction costs, | — | — | — | 0.11 | ||||
Acquisition related fair-value inventory | — | — | — | 0.02 | ||||
Legal settlement, net of tax | 0.54 | — | 0.54 | — | ||||
Adjusted diluted earnings per common | $ 1.50 | $ 1.44 | $ 2.61 | $ 2.63 | ||||
(1) Prior year periods reflect the impact of the three-for-two stock split paid in December 2024. |
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SOURCE Patrick Industries, Inc.
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