Patrick Industries (PATK) Tops Q1 EPS by 174c

Patrick Industries (NASDAQ: PATK) reported Q1 EPS of $4.54, $1.74 better than the analyst estimate of $2.80. Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.18 billion.

Business Outlook and Summary:

"We are continuing to leverage our resources, capacity, capital investments, and acquisition strategy to enhance our operating platform and position our business to better serve our customers," continued Mr. Nemeth. "Consumer demand remains strong despite inflation and rising interest rates, RV dealer inventories are better calibrated versus a year ago, and marine, MH, and overall housing inventories remain lean with extended channel refill runway. We remain focused on driving automation and innovation initiatives which are producing the anticipated results, and we expect our financial performance to continue to benefit from these investments throughout the year. Focus, discipline, and return continue to characterize the way we look at capital allocation to drive value over the long-term horizon for our customers, team members, partners, communities and shareholders."

For earnings history and earnings-related data on Patrick Industries (PATK) click here.

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