Patrick Industries (PATK) Tops Q4 EPS by 16c, Revenues Beat

Patrick Industries (NASDAQ: PATK) reported Q4 EPS of $0.96, $0.16 better than the analyst estimate of $0.80. Revenue for the quarter came in at $531.2 million versus the consensus estimate of $526.71 million.

Todd Cleveland, Chairman and Chief Executive Officer, said, "Our fourth quarter and full year 2018 financial and operational performance is a reflection of a total team effort in which we continued to execute on our strategic and operational initiatives, including expanding our product portfolio, making targeted geographic and product expansions, and completing nine acquisitions during the year. Additionally, we continued to focus on managing and leveraging our cost structure, executing on synergies, and driving efficiencies across all functions and aspects of our organization."

"The diversification of our market presence over the past several years in alignment with our strategic plan has helped to further balance our revenue stream and offset volatility in the RV market," stated Andy Nemeth, President. "The fourth quarter marked the third consecutive quarter where we saw year-over-year declines in RV wholesale shipments as RV OEMs continued to aggressively adjust their production levels in tandem with the rebalancing of dealer inventories. The revenue improvement in our non-RV markets was strong and more than offset revenue declines related to wholesale shipment volatility in our RV-related businesses in the quarter as we continued to drive both strategic and organic growth in all four of our primary markets."

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

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