MergerApr 30, 2026, 08:20 AM
PATK Discusses Potential Merger with LCII; Q1 Net Sales $997M
AI Summary
Patrick Industries, Inc. reported first quarter 2026 financial results, with net sales of $997 million, a slight decrease from $1,003 million in Q1 2025. Net income increased 3% to $39 million, while diluted EPS was $1.10, down from $1.11. The company confirmed ongoing discussions with LCI Industries regarding a potential merger of equals transaction. Patrick returned $31 million to shareholders through dividends and share repurchases during the quarter.
Key Highlights
- Confirmed discussions with LCI Industries for a potential merger of equals transaction.
- Q1 2026 net sales decreased to $997 million from $1,003 million year-over-year.
- Net income increased 3% to $39 million; diluted EPS was $1.10 compared to $1.11 year-over-year.
- RV revenue decreased 7% to $446 million; Marine revenue increased 14% to $170 million.
- Powersports revenue increased 28% to $104 million; Housing revenue decreased 6% to $277 million.
- Returned $31 million to shareholders ($16 million dividends, $15 million share repurchases).
- Cash used in operating activities was $14 million compared to cash provided of $40 million YoY.
- Total net liquidity was $734 million; total net leverage ratio was 2.8x.