Stock Track | Patrick Industries Stock Plummets 5% on Mixed Q3 Results and Cautious Outlook

Stock Track

Nov 01, 2024

Shares of Patrick Industries (NASDAQ: PATK), a leading component supplier for the recreational vehicle (RV), marine, and manufactured housing industries, plunged by 5.14% on November 1, 2024, after the company reported mixed third-quarter results and lowered its outlook for certain end markets.

For the third quarter of 2024, Patrick Industries posted a 6% increase in revenue to $919.4 million, driven by growth in the housing segment and contributions from recent acquisitions. However, the company's earnings per share of $1.80 slightly missed analysts' expectations of $1.83.

While Patrick Industries demonstrated resilience through strategic diversification, cost management, and margin expansion initiatives, the company faced challenges in certain end markets, particularly marine and powersports. Marine revenues declined by 21% year-over-year, reflecting softness in the marine market, while powersports revenue is expected to decline sequentially in the fourth quarter due to OEMs focusing on reducing dealer inventories.

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