Patrick Industries (PATK) Tops Q2 EPS by 19c, Revenues Beat

Patrick Industries (NASDAQ: PATK) reported Q2 EPS of $1.42, $0.19 better than the analyst estimate of $1.23. Revenue for the quarter came in at $604.9 million versus the consensus estimate of $558.95 million.

Todd Cleveland, Chairman and Chief Executive Officer, said, "We are pleased with our overall operating and financial results in the second quarter as our performance reflects the continued successful execution of our strategic growth plans, coupled with the ongoing positive momentum in the primary markets we serve. During the second quarter of 2018, we completed three strategic acquisitions - Dehco in April, Dowco in May, and Marine Accessories in June. In addition, we expanded our credit facility in June 2018 to continue to support our long-term strategic growth plan."

"RV and marine retail shipments remain strong, supported by solid fundamentals and demographic trends with new buyers continuing to enter the market, attracted to the outdoor, leisure family-oriented lifestyle," stated Andy Nemeth, President. "Our housing and industrial markets also continue to experience growth driven by strong demographic trends, improving consumer credit, the strengthening economy and jobs environment, and overall consumer confidence."

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

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