Patrick Industries, Inc. (NASDAQ: PATK), shares flourished Thursday. The Elkhart, Indiana-based company, a leading component solutions provider for the Outdoor Enthusiast and Housing markets, today reported financial results for the third quarter.
Net sales increased 6% to $976 million, driven by solid organic growth and acquisitions, partially offset by industry shipment declines.
The Company reported higher revenue in each of its four primary end markets reflecting continued resilience and strength in content per unit as a result of acquisitions and organic growth.
Operating income was $66 million compared to $74 million in the prior year period. Operating margin was 6.8% compared to 8.1% in the prior year period.
Net income was $35 million compared to $41 million in the prior-year period.
Diluted earnings per share (EPS) was $1.01 compared to EPS of $1.20 for the prior year period. EPS includes the dilutive impact of convertible notes and related warrants, or approximately $0.07 per share, compared to $0.04 in the prior year period.
Adjusted EBITDA was $112 million versus $121 million in the comparable period last year; adjusted EBITDA margin was 11.5% compared to 13.2% in the prior year period.
Cash flow provided by operating activities, on a year-to-date basis, was $199 million compared to $224 million in the prior year period; free cash flow, on a trailing twelve-month basis, was $211 million.
Shares in PATK climbed $4.96, or 5%, to $103.85.
