Notable News Spotlight: Patrick Industries (NASDAQ:PATK)

Patrick Industries (NASDAQ:PATK) spotted trading -16.67% off 52-week high price. On the other end, the stock has been noted 70.39% away from the low price over the last 52-weeks. The stock changed 4.42% to recent value of $46.55. The stock transacted 283618 shares during most recent day however it has an average volume of 192.31K shares. The company has 23.87M of outstanding shares and 22.44M shares were floated in the market.

On Oct. 24, 2019, Patrick Industries (NASDAQ:PATK) a major manufacturer and distributor of component and building products for the recreational vehicle (RV), marine, manufactured housing (MH), and industrial markets,  reported its financial results for the third quarter and nine months ended September 29, 2019.

Third Quarter 2019 Financial Results

Net sales for the third quarter of 2019 decreased $8.9 million, or 2%, to $566.2 million from $575.1 million in the same quarter of 2018. The decrease in the third quarter was primarily attributable to quarter-over-quarter declines in three of the four primary markets we serve, which was partially offset by acquisitions and market share gains. The Company’s revenues from the RV industry, which represented 55% of third quarter 2019 sales, decreased 13% from the third quarter of 2018, compared to a 14% decrease in RV industry wholesale unit shipments, as estimated by the Company. Revenues from the marine industry, which represented 13% of third quarter 2019 sales, declined 7% over the third quarter of 2018, while estimated marine powerboat wholesale unit shipments declined low-double digits. Revenues from the MH industry, representing 19% of third quarter 2019 sales, increased 61% compared to the prior year, with a 1% decrease in MH industry wholesale unit shipments, as estimated by the Company, compared to the third quarter of 2018. Revenues from the industrial market, which accounted for 13% of third quarter 2019 sales and is tied primarily to residential housing, commercial construction, hospitality, and institutional furniture markets, were relatively flat compared to the prior year. New housing starts in the third quarter of 2019 increased 4% compared to the prior year.


For the third quarter of 2019, Patrick reported operating income of $37.4 million, a decrease of 16%, or $7.3 million, from $44.7 million reported in the third quarter of 2018. Net income in the third quarter of 2019 was $21.3 million compared to $27.9 million in the third quarter of 2018, and net income per diluted share was $0.92 and $1.15 for the third quarter of 2019 and 2018, respectively.

Its earnings per share (EPS) expected to touch remained 55.10% for this year while earning per share for the next 5-years is expected to reach at 3.70%. PATK has a gross margin of 18.20% and an operating margin of 7.40% while its profit margin remained 4.80% for the last 12 months.

According to the most recent quarter its current ratio was 2 that represents company’s ability to meet its current financial obligations. The price moved ahead of 8.22% from the mean of 20 days, 15.43% from mean of 50 days SMA and performed 6.52% from mean of 200 days price. Company’s performance for the week was 3.98%, 14.77% for month and YTD performance remained 57.21%.

Timothy Bowers is a stock trader and Analyst writer. His current focus is top trending News. He scans the wall street market and then cover the top trending stock. In addition to content writing, Timothy is an SEO Expert and Digital marketer. He has the expertise to deliver a wide range of projects and the experience to understand the quality of work required.

Address: 1884 Hopkins Landing Road, Quincy, FL 32351, USA


Zip Code: 32351

Phone Number: 850-655-1866 

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