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Patrick Industries (PATK)

Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, various marine aftermarket products, and other miscellaneous products, in addition to providing transportation and logistics services.

Company profile

Ticker
PATK
Exchange
CEO
Andrew Nemeth
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Adorn Holdings, Inc. • All Counties Glass, Inc. • All State Glass, Inc. • Anything Boating, LLC • Arran Isle, Inc. • Bathroom & Closet, LLC • Bristolpipe, LLC • Dehco, Inc. • Dowco, Inc. • Dura Shower Enclosures Co., Ltd ...
IRS number
351057796

PATK stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Aug 22 Cleveland Todd M Common Stock Sell Dispose S No No 65.0217 20,000 1.3M 170,517
15 Aug 22 Cleveland Todd M Common Stock Sell Dispose S Yes No 63.4158 20,000 1.27M 131,737
8 Jun 22 Cerulli Joseph M Common Stock Gift Dispose G No No 0 150 0 46,546
12 May 22 Klyn Pamela R Common Stock Grant Acquire A No No 0 1,917 0 9,298
12 May 22 Forbes John A Common Stock Grant Acquire A No No 0 1,917 0 39,772
12 May 22 Cerulli Joseph M Common Stock Grant Acquire A No No 0 1,917 0 46,696
88.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 223 221 +0.9%
Opened positions 34 34
Closed positions 32 39 -17.9%
Increased positions 68 74 -8.1%
Reduced positions 92 79 +16.5%
13F shares Current Prev Q Change
Total value 1.05B 1.25B -16.1%
Total shares 20.23M 20.72M -2.4%
Total puts 73.5K 49.6K +48.2%
Total calls 17K 12.6K +34.9%
Total put/call ratio 4.3 3.9 +9.8%
Largest owners Shares Value Change
BLK Blackrock 3.64M $188.54M -1.5%
FMR 2.59M $134.47M +11.7%
Vanguard 1.78M $92.38M +9.5%
Wellington Management 1.41M $73.17M -10.5%
Dimensional Fund Advisors 992.01K $51.43M +11.3%
STT State Street 760.16K $39.41M -0.1%
Loomis Sayles & Co L P 505.92K $26.23M -18.7%
Geode Capital Management 401.57K $20.82M -1.4%
JPM JPMorgan Chase & Co. 386.22K $20.02M -10.3%
Millennium Management 384.66K $19.94M +908.3%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 252.13K -391.24K -60.8%
Millennium Management 384.66K +346.51K +908.3%
FMR 2.59M +270.99K +11.7%
Guardian Point Capital 0 -225K EXIT
MS Morgan Stanley 314.04K +175.02K +125.9%
Wellington Management 1.41M -165.54K -10.5%
Vanguard 1.78M +154.13K +9.5%
Royce & Associates 157.68K -136.02K -46.3%
Ziegler Capital Management 0 -133.04K EXIT
Marshall Wace 131.77K +131.77K NEW

Financial report summary

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Risks
  • The global spread of the COVID-19 virus, its related variants, and measures implemented to combat them have previously had, and could potentially have, a material adverse effect on our business in the future.
  • If the financial condition of our customers and suppliers deteriorates, our business and operating results could suffer.
  • Changes in consumer preferences relating to our products could adversely impact our sales levels and our operating results.
  • A material percentage of the Company’s sales are concentrated in the RV industry, and declines in the level of RV unit shipments or reductions in industry growth could reduce demand for our products and adversely impact our operating results and financial condition.
  • The RV, MH, marine and industrial industries are highly competitive and some of our competitors may have greater resources than we do.
  • Conditions in the credit market could limit the ability of consumers and wholesale customers to obtain retail and wholesale financing for RVs, manufactured homes, and marine products, resulting in reduced demand for our products.
  • The manufactured housing industry has experienced a material long-term decline in shipments, which has led to reduced demand for our products.
  • Fuel shortages or high prices for fuel could have an adverse impact on our operations.
  • Our operating results can be adversely affected by inflation, changes in the cost or availability of raw materials, energy, transportation and other necessary supplies and services.
  • If we cannot effectively manage the challenges and risks associated with doing business internationally, our revenues and profitability may suffer.
  • We could incur charges for impairment of assets, including goodwill and other long-lived assets, due to potential declines in the fair value of those assets or a decline in expected profitability of the Company or individual reporting units of the Company.
  • We may incur material charges or be adversely impacted by the consolidation and/or closure of all or part of a manufacturing or distribution facility.
  • We are subject to governmental and environmental regulations, and failure in our compliance efforts, changes to such laws and regulations or events beyond our control could result in damages, expenses or liabilities that individually, or in the aggregate, would have a material adverse effect on our financial condition and results of operations.
  • The inability to attract and retain qualified executive officers and key personnel may adversely affect our operations.
  • Our level and terms of indebtedness could adversely affect our ability to raise additional capital to fund our operations and take advantage of new business opportunities and prevent us from meeting our obligations under our debt instruments.
  • The agreements covering our indebtedness contain various financial performance and other covenants. If we do not remain in compliance with these covenants, we could be in breach of our debt agreements and the amounts outstanding thereunder could become immediately due and payable.
  • Due to industry conditions and our operating results, there have been times in the past when we have had limited access to sources of capital. If we are unable to locate suitable sources of capital when needed, we may be unable to maintain or expand our business.
  • The conditional conversion feature of the 1.00% Convertible Notes due 2023 that we issued in January 2018 or 1.75% Convertible Notes due 2028 that we issued in December 2021, if triggered, may adversely affect our financial condition and operating results.
  • The convertible note hedge and warrant transactions may affect the value of the 1.00% Convertible Notes or 1.75% Convertible Notes and our common stock.
  • If our information technology systems fail to perform adequately, our operations could be disrupted and could adversely affect our business, reputation and results of operations.
  • A cyber incident or data breach could result in information theft, data corruption, operational disruption, and/or financial loss.
  • Certain provisions in our Articles of Incorporation and Amended and Restated By-laws may delay, defer or prevent a change in control that our shareholders might consider to be in their best interest.
  • Conditions within the insurance markets could impact our ability to negotiate favorable terms and conditions for various liability coverage and could potentially result in uninsured losses.
  • A variety of factors, many of which are beyond our control, could influence fluctuations in the market price for our common stock.
Management Discussion
  • The RV industry is our primary market and comprised 57% and 58% of the Company’s sales in the second quarter ended June 26, 2022 and June 27, 2021, respectively, and 59% for each of the comparative six month periods. Sales to the RV industry increased 41% in the second quarter of 2022 and increased 51% in the first six months of 2022, compared to the prior year periods.
  • According to the Recreation Vehicle Industry Association ("RVIA"), RV wholesale shipments in the second quarter of 2022 totaled approximately 152,400 units, compared to approximately 151,800 units in the second quarter of 2021. RV wholesale unit shipments for the first six months of 2022 totaled approximately 323,800 units, an increase of 8% from approximately 300,300 units in the comparative prior year period. We estimate RV retail unit sales for the second quarter of 2022 decreased 29% compared to the second quarter of 2021. We believe the excess of RV wholesale unit shipments over RV retail unit sales in the first six months of 2022 primarily indicates replenishment of RV dealer inventories compared to the historically low levels in the latter half of 2020 and 2021.
  • Sales to the marine industry, which represented approximately 20% and 16% of the Company's consolidated net sales in the second quarter of 2022 and 2021, respectively, increased 74% in the second quarter of 2022 compared to the prior year quarter. For the first six months of 2022 and 2021, sales to the marine industry represented 18% and 16% of our consolidated net sales, respectively, increasing 69% in 2022 compared to the prior year period.

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New words: Diamondback, electronic, employee, Excluding, flat, half, healthcare, life, limited, mix, percent, prepaid, published, reached, return, sale, shifted, stable, technology
Removed: chain, momentum, supply